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Article: National Housing Act (1955)
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National Housing Act (1955)
Ross Rosenfeld
and
Jeff Zavatsky
T
he National Housing Act (P.L. 84-345, 69 Stat. 646), also called the Capehart Act, was a New Deal measure that Congress adopted with the intent to revitalize the construction industry. The act created the Federal Housing Administration (FHA) to provide long-term, low interest mortgage rates to potential homebuyers. Congress hoped that this federal financing plan would lead to an increased demand for new and remodeled homes, thereby enabling more construction workers to find employment.
THE U.S. HOUSING MARKET IN THE EARLY TWENTIETH CENTURY
During the Roaring Twenties housing construction averaged about 900,000 units a ...