Evening star., 1942-12-26
DefenseHousinq
Insured byFHA
Near ) Billions
Over $l,125,000, 900
In Privute Funds
Invested in Yeur

Private investment funds totaling
approximately $1,125,00o,o0o have
been modified under the Federal
Housing Administration program
thus far this year to finance war
housing projects. essential repairs
and remodeling for war workers, and
amortized financing of sound exist
ing home properties, the FHA an
nounced today.
This brought the total volume of
private loans advanced under the
FILA program since the start of the
war emergency period in the early
summer of 1910 to approximately
$4,000, ,000, 900, Commissioner Abner
H. Ferguson pointed out.
OF the loans insured by the Fed
eral Housing Administration thus far
this year, roughly s77O, 100000 repre-
sent mortgages financing 155,00O
new dwelling units, substantially all
Of which were built for occupancy
by war workers. In addition, FHA
commitments are outstanding to in
sure mortgages of more than $780,
900 900 on more than 1000 dwelling
units for war workers now under
construction or scheduled for early
construction.
10000 Mortgages Insured.
Outside the new construction field,
mortgages Of approximately $780,
100000 on 10000 existing home prop
critics have been insured since Janu-
ary !.
In addition, loans of approximately
$l55 100000 financing essential re-
pairs and maintenance, and remodel
Ing to provide additional quarters for
war workers in the designated war
industry areas, have been insured
thus far this year under the FHA's
title I repair loan program.
by protecting lenders against
loss of their investment, the FTIA
program of loan insurance has pro-
vided an effective medium through
which banks, insurance companies,
savings and loan associations, and
other custodians OF private funds
have been able to finance projects
essential to the Nations wartime
activities without sacrificing the
safety of their investments" Mr..
Ferguson declared.
"At the same time, by limiting
the maximum interest charges on
FHA-insured loans and by provid-
ing for monthly repayment of all
insured obligations, the FILA pro-
gram has made sound financing
available to home buyers or to op-
orators of rental housing projects for
war workers on the most reasonable
terms In history" the commissioner
asserted.
Four Main Activities.
Under wartime conditions, he ex-
planned, the activities of the FHA
are concentrated on the following
principal programs:
l. Insurance of war housing loans
under Title VI.of the National Hous-
lIlS hCJ. ouCIl lOdIlS are COIlllllcu W
projects in the designated critical
housing areas which are clearly es-
sential to meet the needs of war
workers and which comply with all
war-housing requirements of the
National Housing Agency and the
War Production Board
Q. Insurance of Title loans which
finance essential repairs and main
tenance necessary to keep existing
dwellings in sound working order.
3. Insurance of Title I loans in
the designated areas which provide
additional living quarters for war
workers through the remodeling or
conversion of existing structures.
4. Insurance of home mortgage
loans on existing dwellings under
Title II. Such loans enable home
owners to finance their mortgage
obligations on a sound, debt-reduc-
ing basis and facilitate the transfer
of existing houses.