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Fiscal aspects of federal urban housing programs PDF

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FISCAL ASPECTS OF FEDERAL URBAN HOUSING PROGRAMS BY FREDERICK EWING CASE A D issertation Submitted in P artial Fulfillm ent of the Requirements for the Degree of Doctor of Commercial Science in the School of Business of Indian® University INDIANA UNIVERSITY 1951 ProQuest Number: 10296471 All rights reserved INFORMATION TO ALL USERS The quality of this reproduction is dependent upon the quality of the copy submitted. In the unlikely event that the author did not send a complete manuscript and there are missing pages, these will be noted. Also, if material had to be removed, a note will indicate the deletion. uest. ProQuest 10296471 Published by ProQuest LLC (2016). Copyright of the Dissertation is held by the Author. All rights reserved. This work is protected against unauthorized copying under Title 17, United States Code Microform Edition © ProQuest LLC. ProQuest LLC. 789 East Eisenhower Parkway P.O. Box 1346 Ann Arbor, Ml 48106 - 1346 ACCEPTANCE Ihls D issertation has bean accepted in p artial fu l­ fillm ent of the requirements for the Degree of Doctor of Commerei&l Science In the School of Business of Indiana D niverslty. Date Dean T oohbolof Business cKaTrman Member Member II PREFACE Economic action by the Government in a democracy has more chance of affecting the economy of the nation favorably if the action is explained to and understood by the people. The Federal Budget stands as the most significant statement of wh&t the Government Intends to do and has done in a ll of its activ ities including urban housing programs. This study was undertaken for the purpose of evaluating the budgetary aspects of federal urban housing programs and of reviewing and c riticisin g Budget procedure®• ill ACMOWLBDGMMT The w riter wishes to express his appreciation of the assistance given him by Dr# John K* Langum, Professor of Business Adm inistration, Indiana U niversity, and formerly Vice President of the Federal Reserve Bank of Chicago, who provided the original inspiration for th is research and who assisted in the development of the Ideas; Mr* John Reeves, Bureau of the Budget, who provided m aterials which further explained portions of the Budget documents and which were not generally available; former Congressman James Noland, Repre­ sentative from Indiana, who supplied many out-of-print mate­ ria ls which could not be found in the lib raries; Bean A. M. Weimer, School of Business, Indiana U niversity, who supervised and fac ilitated the completion of the study; Professor Edward E. Edwards, Indiana U niversity, who provided helpful comments. F* E. C. iv table of contents Chapter Page I, THE PROBLEM . ........................... * * 1 Statement of the problem . * . * ................. 1 Basis of the S tu d y ...................* ......................... 4 The Hoi© of Budget Documents ................................. 5 The Measurement of Costs of Urban Housing p ro g ram s...................................................♦ . . . . 6 The Significance of Federal urban Housing Commitments.......................• . . . . ............... 12 Achievements Versus Benefits of Urban Housing programs ................................ * . . • • • • » * 15 The Importance of the Budget Process for Fed­ eral Urban Housing program s............................... 17 Inadequacies of Budget D ocum ents * 20 Survey of Belated information . . . . . . . . 24 procedure Used in Making the Study........................ 26 Sources of Information ...................... 29 Delimitation® and Lim itations of the study * 30 Plan of the Study . « • • # • • « # • • • . . 31 II# BUDGETARY REPORTS OF FEDERAL URBAN HOUSING PRO­ GRAMS AS A PART OF BELIEF AMD RECOVERY . . . . 33 General Economic Conditions at the Beginning of the period................................................................... 37 Economic Conditions of the Real Estate Market 38 The Federal Government Enters th© Housing Market .................................... 39 Th© Place of Grants and Subsidies In Federal Housing Programs ....................... 44 Objectives of th© P ro g ram s...................... . . • 47 C haracteristics of Housing Provided by Belief Legislation . . . . . . . . . . 48 Review of Budget Reports on Housing Belief A ctivities . . * . . . . , . . . . . . . 0 61 III. THE FEDERAL GOVERNMENT ASSISTS THE URBAN HOME BUYER ................................... 63 Budget Reports on Housing Programs for Urban Home Buyers 64 Legislative Provisions for Home Buyers . . . 66 v vi Pag© Chapter III# THE FEDERAL GOVERNMENT ASSISTS THE URBAN HOME BUYER (Continued) Fiscal Analysis of the Federal Home Loan Banks • ♦ • • • • ♦ # # ♦ • » • • * • * • • 70 Federal Savings and Loan Associations . » . . 78 Federal savings and Loan Insurance Corpora** tion * • * * « • • • * # • # • • • * • # * 74 Federal Financial support of the Home Owners* Loan Corporation * # . • • • • # * . * « « 75 Federal Financial Support of the Federal • National' Mortgage Association . « » » » • • 78 Government Credit commitments for the Federal Housing A d m inistration ..................* » • . « 80 Special Purpose Housing Corporations • » . • 86 Critique of Budget Documents for th© Fiscal Years 1938 through 1940 • * » * » » » • « # 90 IV. TIE FEDERAL GOVERNMENT SUPPLIES PUBLIC HOUSING ©8 Budget Reports on Public Housing Program® * . 92 Budget Commitments for Emergency Relief public Housing • • • • # « # • • • • • . • 95 Fiscal C haracteristics of the Housing Act Of 1957 98 Evaluation of Public Housingf 1857-1944 * . » 105 V. SUMMARY ANALYSIS OF GOVERNMENT HOUSING PROGRAMS 1958-1940 # ♦ • . ...................... . 107 Th© Contribution of Budget Documents • • • . 112 VI# .FEDERAL URBAN HOUSING PROGRAMS AS A PART OF THE WAR EFFORT............................... . . # 115 Problems of Measuring the Fiscal Aspects of War Housing P rogram s........................... » . » , 116 Conditions of the Housing Market which Con­ tributed to the Fiscal programs of Federal War Housing programs 120 Fiscal C haracteristics of Defense and War Housing Program® • . 0 # „ a , * 0 ♦ * * , 124 Termination of War Housing Programs and a Summation of the Costs and Achievements of th© Programs . * ...........................# # • • • # • 140 Lessons from War Housing A ctivities and an Evaluation of th© Costs of These A ctivities 142 The Role of th© Budget Documents in Reporting on War Housing 145 vli Chapter Page v ii♦ government programs for postwar, public housing, SLUM CLEARANCE, AND CITY REDEVELOPMENT . . • . 14? General Economic Conditions and the Real ■ Estate Market of the postwar Period . . . * 161 Controversy over the WET and the TEW Housing B ills . . . . . . ........................................... 156 Public Housing and the Housing Act of 1949 • 160 Fiscal Analysis of Low-Rent Housing Programs 165 The Role of the Budget Documents . . . . . . 168 V III. THE POSTWAR PATTERN OF FEDERAL URBAN HOUSING PROGRAMS FOR THE HOME BUYER . . . . 170 Servicemen1s Readjustment Act of 1944 • • • • 170 The Veteranst Emergency Housing Act of 1940 « 175 The Housing and Rent Act of 1947 . . . . . . 175 Housing Legislation for 1S48 • • • « . * * • 176 The Housing Act of 1949 and th© Home Buyer . 178 Fiscal Provisions of the Housing Act of 1850 180 Evaluation of the postwar Period ....................... 181 Summary of Commitments to Aid the Private Housing Market 185 The Emerging Pattern . . • • • • • • • • • • 186 IX. HOUSING EXPENDITURES IN THE POSTWAR BUDGET DOCUMENTS.......................... 195 Information Available in Postwar Budget Documents 196 Total Budget Expenditures and Budget Expendi­ tures for Housing and. community F acilities 208 Trends In Postwar Housing programs . . . . . 211 An Evaluation of Postwar Budget Documents • . 215 X. FEDERAL URBAN HOLDING PROGRAMS AND THE ECONOMY OF THE UNITED STATES . . . . . . 218 The Importance of Urban Housing in th© Economy 219 Sis® and Trends of the House-building Industry . . . . . . . . . . . 221 Government Influences on the Housing Industry 226 The Adequacy of th© Federal Urban Housing Programs . . . . . . . . . . 231 v iii Chapter Page XI, SUMMARY' OF FINDINGS, CONCLUSIONS, AND IMPLICA­ TIONS OF THE STUDY............................ 237 The Costa and Achievements of Federal Urban Housing Programs . . • • ..................................... 242 The Emerging Trend ................... » . . « • • • • 244 Is the Budget Honest?...................................................... 245 Recommendations for Improving Budget Reports 247 Reoommen&at1ono for Further Study. . . . . . 851 APPENDICES A, SUPPORTING STATISTICAL TABLES ...................... . . . 254 B. CHARTS . . . . . . . . . . . . . 268 0, SIGNIFICANT HOUSING LEGISLATION . . . . . . . . 274 BIBLIOGRAPHY....................................................................... 288 LIST OF TABLES Table Fag© 1* Budget Expenditures for Housing and Community Development, Fiscal Years 1959-1952 * • » • • • » 8 2* C redit Commitments for Housing and community De­ velopment by Agencies, Annually 1952-1950 » » * » 10 5« Summary of Budget A uthorisations for Housing and Community Development for th® Fiscal Years 1950, 1951, and 1952 . * . • * ..................................... • • * 19 4« Appropriations and A llocations for Housing from B elief Funds * . * » * • « ................... « . » • * « 45 5. Reconstruction Finance Corporation, Securities Owned by the United states Government « • . , * , 56 6# Reconstruction Finance Corporation, A llocations and Loans to Other Governmental Agencies at the D irection of congress .......................................... 57 7. RFC Obligations canceled at th® D irection of Con­ gress, Fiscal Years 1958-1949 60 8* Membership of the Federal Horn® Loan Bank System, December 51, 1955-1950 . . . . . . . . . . . . . 68 9* Federal Horn© Loan Bank Stock owned by the United States Government, Fiscal Years 1939-1950 * * • . 75 10* Home Owners * Loan corporation, Securities Owned by the United States Government, Fiscal Years 1935-1950 ........................ * . * * . * . 77 11, Federal Rational Mortgage A ssociation, Securities Owned by th® United states Government, Fiscal Years 1958-1950 ............................... , 79 12, FIMA Home-Financing A ctivitys Annually, 1938- 1960 81 13* Mortgage Insurance W ritten by FHA Under T itles II, VI, and V III, 1934-1960 . . » . « * * , 85 ix

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