Word: fha
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Norman J. Van Ness, division administrator of the Federal Highway Administration (FHA), said Monday he thought King's approval of improving the artery depended on "whether or not there is a third harbor crossing...
...Ness said, "Irrespective of King's approval or disapproval, it will be hard to sell us (the FHA) the idea of depressing the central section of the artery. We have not been shown sufficient transportational benefits to warrant the construction...
...other natural disasters, farmers had got aid through the Farmers Home Administration. But that agency, run by the Agriculture Department, made its loans hard to come by. An applicant's credit record was scrutinized closely and his loan request reviewed by a committee of local farmers and FHA officials quite likely to know his real needs. These committees then kept tabs on a loan recipient to make sure he spent the money for the intended purpose. It was partly because farmers complained about the stringency of those rules that Congress required the SBA to include farmers in its loan...
Financing innovations hold promise of helping middle-income people to afford better housing. HUD is backing a bill to authorize "graduated-payment mortgages" for FHA-insured loans. These would set low monthly payments during the first five years, which would rise thereafter, when the householder presumably would have a higher income. Some lenders are experimenting with such mortgages on their own; federal blessing would give these tests a needed boost...
...tenants' rents, the mortgage must be trimmed to the minimum to keep its financing economically viable. The other option, underestimating the operating expenses during the planning stage in order to obtain the largest possible mortgage, results in increased rents when increased operating costs are passed on to the tenants. FHA regulations covering all phases of the building process force non-profit developers to pay for all unplanned extra expenditures during construction out of their own pockets, forcing developers to cut corners, raise rents, or make concessions they don't want to make...