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12/9/75 - Vice President's White House Public Forum, Los Angeles
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1133442
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document
title
12/9/75 - Vice President's White House Public Forum, Los Angeles
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Carla A. Hills Speeches
Speeches
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Economics
Federal aid
Housing
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1133442
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9
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1975-12-09
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12
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1975
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9
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1975-12-09
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12
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1975
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The original documents are located in Box 1, folder "12/9/75 - Vice President's White
House Public Forum, Los Angeles" of the Carla A. Hills Speeches at the Gerald R. Ford
Presidential Library.
Copyright Notice
The copyright law of the United States (Title 17, United States Code) governs the making of
photocopies or other reproductions of copyrighted material. Gerald Ford donated to the United
States of America his copyrights in all of his unpublished writings in National Archives collections.
Works prepared by U.S. Government employees as part of their official duties are in the public
domain. The copyrights to materials written by other individuals or organizations are presumed to
remain with them. If you think any of the information displayed in the PDF is subject to a valid
copyright claim, please contact the Gerald R. Ford Presidential Library.
Digitized from Box 1 of the Carla A. Hills Speeches at the Gerald R. Ford Presidential Library
FINAL
VICE PRESIDENT'S WHITE HOUSE PUBLIC FORUM
Los ANGELES, CALIFORNIA
DECEMBER 9, 1975
THE DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT IS
JUST 10 YEARS OLD. IT IS SPECIFICALLY AUTHORIZED BY CONGRESS
TO "ASSIST" IN THE DEVELOPMENT OF WORKABLE URBAN COMMUNITIES
-- WHICH INCLUDES DECENT HOUSING -- PARTICULARLY FOR PEOPLE
WITH LOW AND MODERATE INCOMES.
I ACCENT THE WORD "ASSIST" -- BECAUSE IT IS NEITHER
OUR MANDATE NOR OUR INTENT TO TAKE OVER THE JOB OF RUNNING
ANY OF OUR NATION'S INDEPENDENT STATES OR LOCALITIES.
UNDER THE 1974 AcT, HUD IS AUTHORIZED TO GIVE LOCAL
COMMUNITIES $8.3 BILLION FOR COMMUNITY DEVELOPMENT OVER
THE FIRST 3 YEARS -- WITH $2.6 BILLION IN THIS PAST YEAR
ALONE.
THESE FUNDS ARE GIVEN TO THE LOCALITIES WITH THE
FEWEST POSSIBLE STRINGS ATTACHED, ALLOWING THEM GREAT
FLEXIBILITY IN MEETING REAL LOCAL NEEDS AS IDENTIFIED BY
THE PEOPLE WHO ACTUALLY LIVE THERE,
FORD & LIBRARY GERALD
-2-
IT IS, IN FACT, A GOVERNMENT PROGRAM-IN-ACTION
EXEMPLIFYING THE SAME BASIC OF DEMOCRACY THAT IS ENVOKED
BY THIS FORUM TODAY.
IN LOOKING AT THE PLIGHT OF THE CITIES, WE KNOW THAT
THEY ARE GRAPPLING WITH THE PROBLEMS CAUSED BY LAST DECADE'S
MASSIVE OUT-MIGRATION TO THE SUBURBS OF TAXPAYING MIDDLE-
INCOME PEOPLE AND BUSINESS.
OUR FIRST YEAR WITH THE COMMUNITY DEVELOPMENT GRANTS
SHOW, UNMISTAKENLY, THAT IF THE FEDERAL GOVERNMENT KEEPS
ITS HEAVY HAND OUT OF LOCAL DECISION-MAKING, THE CITIES
ARE CAPABLE OF MAKING THE RIGHT MOVES TO HELP THEMSELVES,
THEY HAVE SPENT MORE THAN 60 PERCENT OF THE $2.6 BILLION
GRANTED FOR PRESERVING AND REHABILITATING WORN-DOWN
NEIGHBORHOODS TO ATTRACT PEOPLE WHO CAN HELP PAY THEIR BILLS,
IN ADDITION, STATES AND CITIES HAVE SPENT MORE THAN
60 PERCENT OF THE NEARLY $30 BILLION IN REVENUE-SHARING
FUNDS FOR PUBLIC SAFETY, TRANSPORTATION AND EDUCATION --
CLEARLY CONCERNS THAT MUST BE ADDRESSED IF PEOPLE ARE
WILLINGLY GOING TO RETURN TO CITY LIVING.
FORD
-3-
ANOTHER IMPORTANT PART OF OUR AcT PROVIDES RENTAL
SUBSIDIES FOR LOWER INCOME FAMILIES -- ALLOWING THEM TO
FIND DECENT QUARTERS IN QUALIFIED BUILDINGS OF THEIR OWN
CHOOSING, AT A RENTAL THEY CAN AFFORD TO PAY.
AGAIN, THE LOCAL COMMUNITY HAS THE MAJOR SAY IN HOW
THE RENTAL SUBSIDIES WILL BE USED, WHETHER IN NEWLY CONSTRUCTED,
SUBSTANTIALLY REHABILITATED OR EXISTING HOUSING UNITS.
ALL THIS IS FACT, BUT THE HOUSING INDUSTRY IS STILL
NOT ROBUST, AND YOU HAVE A RIGHT TO ASK WHAT IS HUD DOING
ABOUT IT.
THE FIRST THING WE ARE DOING IS GIVING ALL-OUT SUPPORT
TO PRESIDENT FORD'S ECONOMIC PROGRAM.
THE HOUSING RECOVERY IS TIED TO THE RECOVERY OF THIS
COUNTRY'S OVERALL ECONOMY, UNLESS THIS NATION CAN HALT
INFLATION AND REDUCE THE DISPARITY BETWEEN ACTUAL COSTS
AND REAL INCOME, THE HOUSING INDUSTRY CANNOT RECOVER,
-4-
ALL OF US KNOW THE BAD NEWS, THE GOOD NEWS IS THAT
THE PRESIDENT'S NATIONAL PLAN HAS STARTED TO TURN THE
ECONOMY AROUND.
IN HOUSING, SALES OF NEW HOMES HAVE RISEN 46 PERCENT
SINCE THE FIRST OF THE YEAR. THERE HAS BEEN A 66 PERCENT
IMPROVEMENT IN THE LEVEL OF HOUSING STARTS.
THE SECOND THING WE'RE DOING IS FOLLOWING THROUGH
ON THE ADMINISTRATION'S FORCEFUL INITIATIVE TO ENSURE
GREATER AVAILABILITY OF MORTGAGE CREDIT FOR PERSONS OF
MODERATE MEANS.
IN THE PAST 23 MONTHS, HUD HAS OFFERED $15.5 BILLION
TO PURCHASE OVER 500,000 MORTGAGES BEARING INTEREST RATES
THAT ARE BELOW THE MARKET RATE. TODAY, THAT IS 7-1/2 PERCENT
WHILE THE MARKET IS AT ABOUT 9 PERCENT,
THIS PROGRAM HAS COMPENSATED TO A SIGNIFICANT DEGREE
FOR THE RAPIDLY RISING COSTS OF HOME FINANCING AND HAS THUS
SERVED TO CUSHION THE SEVERITY OF THE DEPRESSION IN HOUSING,
-5-
THE THIRD THING WE ARE DOING IS REACTIVATING HUD's
HOMEOWNERSHIP SUBSIDY PROGRAM -- IN SUBSTANTIALLY REVISED
FORM.
THE PROGRAM WILL INVOLVE $264 MILLION IN NEW CONTRACT
AUTHORITY.
By ANY TOTAL INDUSTRY YARDSTICK, $264 MILLION MIGHT
SEEM LIKE A SMALL PATCH ON THE ROOF. BUT, IT'S ENOUGH
TO SUBSIDIZE MORE THAN 250,000 NEW UNITS OF HOUSING,
AND, 250,000 UNITS TRANSLATES INTO ABOUT SIX-AND-ONE-HALF
BILLION DOLLARS IN NEW CONSTRUCTION ACTIVITY AND THE CREATION
OF MORE THAN 500,000 NEW CONSTRUCTION JOBS,
CERTAINLY, I AM NOT TELLING YOU THAT THESE FEDERAL
PROGRAMS WILL MAKE EVERYTHING COME UP ROSES IN THE HOUSING
INDUSTRY THE DAY AFTER TOMORROW,
WE WILL NEED TO CONTINUE TO USE THESE PROGRAMS --
WITH CAUTION -- WITH AN EYE ON THE TOTAL ECONOMY,
(
-6-
WE KNOW THAT IF WE MAKE EXCESSIVE USE OF THESE
STIMULANTS, WE WILL INJURE THE HOUSING INDUSTRY JUST AS
IT IS REGAINING ITS HEALTH. MUCH GREATER TREASURY BORROWING
WILL DRIVE UP THE COST OF MORTGAGE MONEY, AND DRIVE AWAY
HOMEBUYERS WHO WOULD OTHERWISE ENTER THE MARKET, AND
THROW MORE CONSTRUCTION WORKERS OUT OF WORK.
THE INDUSTRY IS FORGING AHEAD, AND so IS THE OVERALL
ECONOMY.
AND, I AM CONFIDENT THAT WE ARE GOING TO MAKE IT,
BECAUSE PEOPLE LIKE YOU ARE COMING TO MEETINGS LIKE THIS
ONE, AND ARE AGAIN CONTRIBUTING YOUR THOUGHTS,