Features of National Housing Act

1. Creates a Federal Housing Administration.

2. Insures 2O per cent of one billion dollars of private capital to be loaned for financing alterations, repairs and improvements on real property.

3. Provides mutual mortgage insurance for: (a) one biilion dollars of mortgages on new dwellings and low cost housing projects; (b) one billion dollars of mortgage refinancing for existing dwellings and low cost housing projects.

4. Authorizes the formation of five million dollar national mortgage associations to serve as rediscount agencies, to create liquidity in the home mortgage field.

5. Creates a Federal Savings and Loan Insurance Corporation with one hundred million dollars capital to insure savings accounts up to $5000 in Federal saving:s and loan associations, building and loan associations, savings and loans, homestead associations and cooperative banks.

6. Authorizes a one billion dollar additional Home Owners' Loan Corporation bond issue to refinance distressed mortgages.

7. Sets aside one hundred million dollars additional for repair and modernizing work on homes whose mortgages are held by the Home Owners' Loan Corporatlon.