UNITED STATES HOUSING ACT OF 1937 HEARINGS BEFORE THE COMMITTEE ON BANKING AND CURRENCY SEVENTY-FIFTH CONGRESS THIRD SESSION ON H. R. 10663 (Superseding H. R. 10417) A BILL TO AMEND THE UNITED STATES HOUSING CONTENTS Mr. William Green and Harry C. Bates on behalf of the American Mr. Lee Pressman, on behalf of the Committee for Industrial Organi- 148 149 EXHIBITS Exhibit No. I. Table showing loans, dwelling units, and rentals per room per month in projects covered by nine approved con- II. Effect of amendment to United States Housing Act of 1937 allowing Federal loans up to 100 percent until July 1, 1939__ III. Complete list of total commitments to date (including ear- markings outstanding, today's earmarkings, and loan contracts signed) for 77 cities in 23 States and also the IV. Tax exemption can and should be counted as a local con- tribution in the amount which would normally be levied V. Chart of earmarkings and loan contracts_ VI. Map showing status of housing activities under United States Housing Authority Program, including existing legislation, housing authorities, earmarkings and loan VII. Loan contract and annual contributions contract between city of Louisville Municipal Housing Commission and the United States Housing Authority... VIII. Financial analysis of annual and total costs of $1,000,000,000 low-rent housing and slum-clearance program (800,000 rooms at $1,000 for construction and $250 for land) XI. List of local housing authorities as of May 3, 1938_. XII. Municipalities are unable to furnish a 10 percent capital III AMENDMENTS TO UNITED STATES HOUSING ACT OF 1937 THURSDAY, APRIL 28, 1938 HOUSE OF REPRESENTATIVES, COMMITTEE ON BANKING AND CURRENCY, Washington, D. C. The committee met at 10:35 a. m. to consider H. R. 10417, Hon. T. Alan Goldsborough presiding. Other members of the committee present: Mr. Reilly; Mr. Williams; Mr. Spence, Mr. Farley, Mr. Meeks, Mr. Kopplemann, Mr. Ford, Mr. Brown, Mr. Patman, Mr. McKeough, Mr. Evans, Mr. Transue Mr. McGranery, Mr. Fish, Mr. Luce, Mr. White, Mr. Crawford, and Mr. Gamble. Mr. GOLDSBOROUGH. The committee will come to order. Gentlemen, we have before us this morning H. R. 10417, a bill to amend the United States Housing Act of 1937, and we have here Mr. Straus, the Administrator of the Federal Housing Authority, Mr. Keyserling, General Counsel, and Mr. Krooth, Assistant General Counsel. (The bill under consideration is as follows:) [H. R. 10417, 75th Cong., 3d sess.] A BILL To amend the United States Housing Act of 1937 Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the United States Housing Act of 1937 be amended as follows: SEC. 2. Section 9 is amended to read as follows: "SEC. 9. The Authority may make loans to public-housing agencies to assist the development, acquisition, or administration of low-rent-housing or slumclearance projects by such agencies. Where capital grants are made pursuant to section 11 the total amount of such loans outstanding on any one project and in which the Authority participates shall not exceed the development or acquisition cost of such project less all such capital grants, but in no event shall said loans exceed 90 per centum of such cost. In the case of annual contributions in assistance of low rentals as provided in section 10 the total of such loans outstanding on any one project shall not exceed 90 per centum of the development or acquisition cost of such project: Provided, That where the original contract of loan is entered into before July 1, 1939, and where the Authority obtains satisfactory assurances that construction work can be promptly commenced on the project covered by the loan contract, the total of such loans on any such project may equal the total development cost of the project. Such loans shall bear interest at such rate not less than the going Federal rate at the time the loan is made, plus one-half of one per centum, shall be secured in such manner, and shall be repaid within such period not exceeding sixty years, as may be deemed advisable by the Authority." SEC. 3. Section 10 is amended by amending subsection (e) and adding a new subsection (f) as follows: "(e) The Authority is authorized, on and after the date of the enactment of this Act, to enter into contracts which provide for annual contributions aggregating not more than $50,000,000 per annum. Without further authorization from Congress, no new contracts for annual contributions beyond those herein |