FEDERAL HOUSING AND HOME LOAN LEGISLATION AND ITS CONSEQUENCES

Authors

Ernest M. Fisher, School of Business Administration, University of Michigan

Abstract

The laissez-faire policy characteristic of both federal and state policy prior to 1932 in connection with housing was first departed from in a provision in the "Emergency Relief and Construction Act of 1932," passed by the 72nd Congress just before adjournment in July. This provision authorized the Reconstruction Finance Corporation to "make loans to corporations, formed wholly for the purpose of providing housing for families of low incomes, or for reconstruction of slum areas, which are regulated by state or municipal law as to rents, charges, capital structure, rate of return, and areas and methods of operation, to aid in financing projects undertaken by such corporations which are self-liquidating in character." Thus for the first time in the history of the country the credit of the federal government was made available for financing private housing enterprises.

Recommended Citation

Ernest M. Fisher, FEDERAL HOUSING AND HOME LOAN LEGISLATION AND ITS CONSEQUENCES, 32 Mich. L. Rev. 943 (1934).
Available at: https://repository.law.umich.edu/mlr/vol32/iss7/4