New Deal Era Towns across the US
New Deal Era Towns sprang up across the US. For many this was their first home and the FHA provided their mortgage and the Sears catalog their house.
The Home Owners’ Loan Act (1933) created Home Owners’ Loan Corporation (HOLC), which provided financial assistance to home owners and the mortgage industry.
The National Housing Act (1934) created the Federal Housing Administration (FHA) to guarantee mortgages with banks. And subsequently created the Federal Savings & Loan Insurance Corporation to act like the Federal Deposit Insurance Corporation (see above) for Savings and Loan institutions.
In addition the United States Housing Act (1937) created the U.S. Housing Authority (USHA) to build public housing.
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