Evening star., 1938-11-19
I63 Large Housing
Projects Insured
ByF. H. A.
Five in Operation,
With IS Under
Construction

Since the amended National HOuS-
Ing Act went into effect last Febru-
ary the F. H. A. has issued commit
ments to insure 1853 large-Scale, null
ti-family housing projects, involving
mortgages totaling $50 0,3l3,950, which
will provide living accommodations
at reasonable rentals for l4,843 FAM
lilies, Administrator Stewart McDon-
aid announced today.
This volume of rental housing ac-
tivity, financed with private capital
under terms of the F. H. AS insured
mortgage system, has been developed
In nine months and follows the pas
sage by Congress of amendments
which expanded the scope of the
rental housing program. Increased
participation in the program by local
private financial institutions, to-
gether with the amendments to the
act. has been an important influence
In this upturn of rental housing
building throughout the country.
Five in Operation.
OF these 1853 projects, five have al
ready been completed and are in
operation. Mortgages totaling ST.
074,0O0 were insured by the F. H. A.
in the financing of these projects
An additional 65 are now under con-
struction, involving mortgages total
ing $19,551 800, which will provide
adequate rental accommodations for
S,056 families. Financing has been
arranged on Al more projects in
volving a mortgage total of $11,774,-
$50, which would provide 1924 family
dwelling units, and 46 others are
classed as commitments outstand-
Ing" involving $27.944, 900 in mort
cages, which would provide 6,545
family dwelling units.
The progress made in rental hous-
ing development during the last nine
months may be noted by a compar-
2son with the total rental housing
volume insured by the F. H. A. since
the inception of the program.
On October 81, 1888, the F. H. A.
had on its books total active COM
mitments to insure 217 rental hous-
ing mortgages, totaling 05,613, 900,
representing developments which
would provide accommodations for
25,509 families and would embrace a
capitalization of $l38,254, ,469. This
figure, it was explained, represents
"active" and does not include COM
mitments expired"
Mortgage Insurance Supplied.
OF these, as of the same date, the
F. H. A. had provided insurance on
mortgages to finance 112 rental
housing developments in Is States
and the District of Columbia, en-
oracing a total capitalization of
s7l ,594 300 and involving mortgages
totaling $54,2O6,45 These figures
represent only rental housing prof.
ects completed or under construc-
ton. These projects provide ac-
commodations for l4,403 families.
Rental housing activity which has
become almost Nationwide Is now
under way in % States. New York
leads In the F. H. A. rental housing
program. with IS projects, Virginia
is second with IA, Maryland, third,
with II projects; Pennsylvania,
fourth, with nine projects, and North
Carolina and New Jersey are tied
for nth place, with seven. In %
additional States one or more rental
housing projects are completed or
we'll under way.
Since the amendments were
passed by Congress expanding the
activity of the rental housing pro-
gram, participation in the program
by local lending institutions is grow
ing appreciably. This is particularly
true Of projects being accepted for
insurance under section 21O of the
act, which provides for the construc-
ton Of groups of individual houses
or small apartment projects where
the mortgage does not exceed $780,
900.