Evening star. [volume] (Washington, D.C.) 1854-1972, 1954-08-02
President Signs
Housing Bill;
Halls Itskims
Sees Measure
Boosting Entire
Economy in Future
By Gornett D. Homer

President Eisenhower today
signed into law the new housing
act, calling it "a major advance
toward meeting Americas hous-
ing needs"
The new law provides for 35,-
600 public housing units next
year, falling far short of the A.
year, 100000 unit public housing
program sought by the President
from Congress-. The President
served notice in statement that
I'VE shall need to continue our
public housing program until
the needs can be met by private
industry"
Seeks Broader Authority.
He also said the executive also
should have broader authority
to adjust the terms on home
loans to changing economic
conditions.
Declaring, however, 1.-The coun-
try will be benefited" by the
new law as it is. the President
said:
1T will raise the housing
standards of our people, help
our communities get rid of slums
, and improve their older neigh
borhoods, and strengthen our
mortgage credit system. In COM
ing years it will also strongly
stimulate the Nations construc-
ton industry and our country's
entire economy"
More Homes for Millions.
Pointing out that the new
law permits Government insur-
ance of larger home mortgage
loans, with smaller down pay
ments and longer terms, Gen.
Eisenhower said millions of our
families with modest incomes
will be able, for Thine first time,
to buy new or used homes"
He described as especially inn
portant" a provision authoriz-
ing especially easy terms for
families forced out of present
homes because of slum clear
s1ce and other public improve
r1ontS
THE new law. he added,
makes available for the first
tine a practical way, for our
C LIENS in the towns and cities
of America to get rid of their
slums and blight"
Notables Watch Signing.
The President signed the act
before a group of congressional
leaders and housing officials in
his Office. Immediately after
ward, he witnessed the swearing
in of Norman P. Mason as COM
missioner of the Federal, Hous-
ing Administration.
The Senate completed con-
gressional action on the housing
bill last Wednesday night with
1921 roll-call vote. The House
had passed it $3.50 on July 20.
Sees Home Building Boost.
The measure generally is de-
signed to make it easier to Sbuy
homes and to modernize them.
Senator Capehart, Republican,
of Indiana, Banking Committee
chairman, who handled the leg
islation in the Senate, estimates
it should boost nome building by
10 to 20 per cent.
Ronald j. Chinook, president
of the National Association of
Real Estate Boards. said in
prepared statement the bill will
put home ownership within
reach of many thousands of
families that have not been able
to own their homes in the past.
Changes Effective Now.
In addition to the public
housing provision, the new leg
islation makes these changes
effective at once:
l. Liberalizes down payment
and repayment period require
ments on homes bought with
FHA-inSured mortgages. For
example. house with an FILA
appraised value of $4,000 could
have its down payment lowered
from the present So, 400 to 1900
if new and 81 1850 if old. Loans
could run as long as 80 years in
place of the present limits of
20 to 80 years.
2. Provides safeguards de-
signed to prevent extra-large
(See HOUSING. Page A-6)