Happy Thursday everyone! Every Thursday we set out to share a tidbit of real estate history with you. Do you know an interesting event, obscure real estate law, or funny real estate story that you’d like to see featured in our series? Then email Jennie with your contribution at firstname.lastname@example.org.
Today’s Throwback Thursday Tidbit:
1934: The National Housing Act of 1934 created the Federal Housing Administration (FHA). The FHA was established to increase home construction, reduce unemployment, and operate various loan insurance programs. The FHA does not make loans, rather, it insures loans made by private lenders. FHA’s mortgage insurance programs help low- and moderate-income families become homeowners by lowering some of the costs of their mortgage loans. FHA mortgage insurance also encourages lenders to make loans to otherwise credit-worthy borrowers and projects that might not be able to meet conventional underwriting requirements, protecting the lender against loan default on mortgages for properties that meet certain minimum requirements, including manufactured homes, single and multifamily properties, and some health-related facilities.