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FISCAL ASPECTS OF FEDERAL URBAN HOUSING PROGRAMS PDF

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INFORMATION TO USERS This was produced from a copy of a document sent to us for microfilming. While the most advanced technological means to photograph and reproduce this document have been used, the quality is heavily dependent upon the quality of the material submitted. The following explanation of techniques is provided to help you understand markings or notations which may appear on this reproduction. 1. The sign or “target” for pages apparently lacking from the document photographed is “Missing Page(s)”. If it was possible to obtain the missing page(s) or section, they are spliced into the film along with adjacent pages. This may have necessitated cutting through an image and duplicating adjacent pages to assure you of complete continuity. 2. When an image on the film is obliterated with a round black mark it is an indication that the film inspector noticed either blurred copy because of movement during exposure, or duplicate copy. Unless we meant to delete copyrighted materials that should not have been filmed, you will find a good image of the page in the adjacent frame. If copyrighted materials were deleted you will find a target note listing the pages in the adjacent frame. 3. When a map, drawing or chart, etc., is part of the material being photo­ graphed the photographer has followed a definite method in “sectioning” the material. It is customary to begin filming at the upper left hand corner of a large sheet and to continue from left to right in equal sections with small overlaps. If necessary, sectioning is continued again—beginning below the first row and continuing on until complete. 4. For any illustrations that cannot be reproduced satisfactorily by xerography, photographic prints can be purchased at additional cost and tipped into your xerographic copy. Requests can be made to our Dissertations Customer Services Department. 5. Some pages in any document may have indistinct print. In all cases we have filmed the best available copy. University Micrdfilms International 300 N. ZEEB RD., ANN ARBOR, Ml 48106 8204289 Case, Frederick Ewing FISCAL ASPECTS OF FEDERAL URBAN HOUSING PROGRAMS Indiana University, Graduate School of Business D.C.S. 1951 University Microfilms International 300 N. Zeeb Road, Ann Arbor, MI 48106 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 Indiana U niversity INDIANA UNIVERSITY 1951 '"RT ACCEPTANCE This D issertation has been accepted in p a rtia l fu l­ fillm ent of the requirements for the Degree of Doctor of Commercial Science in the School of Business of Indiana U niversity. Date W. / f j ' i Dfearr, School of Business Chairman mber Member Member i i PREFACE Economic action by the Government in a democracy has more chance of affectin g the economy of the nation favorably if the action is explained to and understood by the people. The Federal Budget stands as the most sign ifican t statement of what the Government intends to do and has done in a ll of its a c tiv itie s 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 r iticizin g Budget procedures. \ \ \ i l l ACKNOWLEDGMENT The w riter ivishes 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 ra ries; Dean A. M. Weimer, School of Business, Indiana U niversity, who supervised and fa c ilita te d the completion of the study; and Professor Edward E. Edwards, Indiana U niversity, who provided helpful comments. F. E. C. iv TABLE OP CONTENTS Chapter Page I . THE PROBLEM......................................................................................... 1 Statement of the P r o b le m .............................................. 1 Basis of the S t u d y .............................................................. 4 The Role of Budget D ocu m en ts..................................... 5 The Measurement of Costs of Urban Housing Programs ................................................................................... 6 The Significance of Federal Urban Housing Commitments.............................................................................. 12 Achievements Versus B enefits of Urban Housing P ro g ra m s........................................ ....................................... 15 The Importance of the Budget process for Fed­ eral Urban Housing programs . . . . . . . . 17 Inadequacies of Budget Documents .......................... 20 Survey of Related Information .................................... 24 Procedure Used in Making the S t u d y ..................... 26 Sources of Information .................................................... 29 D elim itations and Lim itations of the Study . 30 Plan of the S tu d y ................................................................... 31 II. BUDGETARY REPORTS OF FEDERAL URBAN HOUSING PRO­ GRAMS AS A PART OF RELIEF AND RECOVERY . . . . 33 General Economic Conditions at the Beginning of the P e r io d ......................................................................... 37 Economic Conditions of the Real Estate Market 38 The Federal Government Enters the Housing M a r k e t........................................................................................ 39 The place of Grants and Subsidies in Federal Housing P ro g ra m s........................................................ . 44 Objectives of the P ro g ra m s.......................................... 47 C haracteristics of Housing Provided by R elief L e g isla tio n ................................................................... 48 Review of Budget Reports on Housing R elief A c t i v i t i e s .............................................................................. 61 III. THE FEDERAL GOVERNMENT ASSISTS THE URBAN HOME BUYER........................................................................................................ 63 Budget Reports on Housing Programs for Urban Home B u y ers.............................. 64 L egislative Provisions for Home Buyers . . . 66 v vi III. THE FEDERAL GOVERNMENT ASSISTS THE URBAN HOME BUYER (Continued) F iscal Analysis of the Federal Home Loan B an k s............................................................. VO Federal Savings and Loan A ssociations . . . . 72 Federal Savings and Loan Insurance corpora­ tion ........................................................ 74 Federal Financial Support of the Home Owners’ Loan C o rp o ra tio n ............................................................... 75 Federal Financial Support of the Federal National Mortgage A ssociation ............................... 78 Government Credit Commitments for the Federal Housing Administration ............................................... 80 Special Purpose Housing Corporations . . . . 86 Critique of Budget Documents for the F iscal Years 1932 through 1940 ............................................... 90 IV. THE FEDERAL GOVERNMENT SUPPLIES PUBLIC HOUSING • 92 Budget Reports on Public Housing Programs . . 92 Budget Commitments for Emergency R elief Public Housing .................................................................... 95 F iscal C haracteristics of the Housing Act of 1937 ........................................................................................ 98 Evaluation of Public Housing, 1937-1944 . . . 105 V. SUMMARY ANALYSIS OF GOVERNMENT HOUSING PROGRAMS, 1932-1940 107 The Contribution of Budget Documents . . . . 112 VI. FEDERAL URBAN HOUSING PROGRAMS AS A PART OF THE WAR EFFORT . . ' ............................................................. 115 Problems of Measuring the F iscal Aspects of War Housing Programs .................................................... 116 Conditions of the Housing Market which Con­ tributed to the F iscal Programs of Federal War Housing P ro g ra m s......................................... 120 F iscal C haracteristics of Defense and War Pious ing P ro g ra m s.....................................................................124 Termination of War Housing Programs and a Summation of the Costs and Achievements of the P ro g ra m s.............................. 140 Lessons from War Housing A ctiv ities and an Evaluation of the Costs of These A ctiv ities 142 The Role of the Budget Documents in Reporting on War H o u s in g ..........................................................................145 vii Chapter Page VII. GOVERNMENT PROGRAMS FOR POSTWAR PUBLIC HOUSING, SLUM CLEARANCE, AND CITY REDEVELOPMENT . . . . 147 General Economic Conditions and the Real Estate Market of the Postwar Period . . . . 151 Controversy over the WET and the TEW Housing B i l l s ....................................................................................................156 Public Housing and the Housing Act of 1949 . 160 F iscal 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 Servicemen's Readjustment Act of 1944 . . . . 170 The Veterans' Emergency Housing Act of 1946 . 173 The Housing and Rent Act of 1947 175 Housing L egislation for 1948 176 The Housing Act of 1949 and the Home Buyer . 178 F iscal provisions of the Housing Act of 1950 180 Evaluation of the Postwar Period .......................... 181 Summary of Commitments to Aid the Private Housing M a r k e t.................................................................. 185 The Emerging pattern . ........................................................186 IX. HOUSING EXPENDITURES IN THE POSTWAR BUDGET DOCUMENTS....................................................................................................195 Information Available in Postwar Budget D ocum ents..........................................................................................196 Total Budget Expenditures and Budget Expendi­ tures for Housing and Community F a c ilitie s 208 Trends in Postwar Housing Programs ..................... 211 An Evaluation of Postwar Budget Documents . . 213 X. FEDERAL URBAN HOUSING PROGRAMS AND THE ECONOMY OF THE UNITED STATES.....................................................................218 The Importance of Urban Housing in the Economy..............................................................................................219 Size and Trends of the House-building I n d u s t r y .........................................................................................221 Government Influences on the Housing Industry 226 The Adequacy of the Federal Urban Housing P ro g ra m s.........................................................................................231 viii Chapter Page XI. SUMMARY OF FINDINGS, CONCLUSIONS, AND IMPLICA­ TIONS OF THE STU D Y .........................................................................237 The Costs and Achievements of Federal Urban Housing P ro g ra m s............................................... 242 The Emerging T r e n d ....................................................................244 Is the Budget Honest? .................................. . . . . . 245 Recommendations for Improving Budget Reports 247 Recommendations for Further Study .......................... 251 APPENDICES A. SUPPORTING STATISTICAL TABLES ......................................... 254 B. CHARTS.......................................................................................................268 C. SIGNIFICANT HOUSING LEGISLATION ................................... 274 BIBLIOGRAPHY..............................................................................................................288

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