Rental Housing Loans by Savings and Loan Associations: Hearing Before the Subcommittee on Housing of ... , 87-2 on H.R. 13044 ... , September 12, 1962

Front Cover
 

What people are saying - Write a review

We haven't found any reviews in the usual places.

Other editions - View all

Common terms and phrases

Popular passages

Page 3 - Such associations shall lend their funds only on the security of their shares or on the security of first liens upon real property within one hundred miles of their home office which constitute first liens upon homes, combinations of homes and business property, other dwelling units, or combinations of dwelling units, including homes, and business property involving only minor or incidental business use...
Page 3 - Board shall by regulation limit to not more than 15 per centum of the assets of the association the aggregate amount or amounts of the investments which may be made by an association under the foregoing provisions of this sentence on the security of property which comprises or includes more than four dwelling...
Page 3 - ... more than 15 per centum of the assets of the association the aggregate amount or amounts of the investments which may be made by an association under the foregoing provisions of this sentence on the security of property which comprises or includes more than four dwelling units or does not constitute homes or combinations of homes and business property...
Page 3 - Be it enacted by the Senate and House of Representatives of the United States of Merica in Congress assembled, That (a) so much of the first sentence of section (c) of the Home Owners...
Page 16 - There are currently several hundred associations which are at or approaching the 20-percent ceiling. These institutions are unable to make the needed loans to finance new apartments which are so vital for our younger couples, for urban renewal, and for elderly housing. We hope the Congress will act speedily to enact this vital legislation.
Page 16 - ... were entirely different than they are today. For one thing, in 1933 there were substantial vacancies in apartments and virtually no apartment construction was underway. Our Nation was not nearly as urban as it is today, and apartments were less needed. Perhaps more significantly, the average savings and loan association in 1933 had assets of about $500,000, loaned an average of about $100,000 a year, and thus would in no case be interested or even able to make apartment loans. Today the average...
Page 4 - ... each of the areas listed had more than 40 percent of its residential units authorized in structures with five or more units during the first 6 months of 1962. Three — Minneapolis, San Francisco, and Washington — were over the 50-percent mark, and Los Angeles was just under the 50-percent mark. It should be noted that residential construction and population are heavily concentrated in metropolitan areas. About 80 percent of residential building and 63 percent of our population are in metropolitan...
Page 6 - Board, do not eluim to be experts ourselves in this, so that we put rather rigorous restrictions on the authority. It is very restrictive in the regulations we propose, and we put them in because we thought it might be advisable at least in the first year or two of the operation. Whereas the statute would be here until another Congress would change it. Let me add, too, that the procedure we...

Bibliographic information