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{
    "localId": "1133442",
    "label": "12/9/75 - Vice President's White House Public Forum, Los Angeles",
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    "citationUrl": "https://catalog.archives.gov/id/1133442"
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{
    "id": "1133442",
    "sourceUrl": "https://catalog.archives.gov/id/1133442",
    "contentType": "document",
    "title": "12/9/75 - Vice President's White House Public Forum, Los Angeles",
    "citationUrl": "https://catalog.archives.gov/id/1133442",
    "collections": [
        "Carla A. Hills Speeches",
        "Speeches"
    ],
    "subjects": [
        "Economics",
        "Federal aid",
        "Housing",
        "Industries"
    ],
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    "url": "https://catalog.archives.gov/id/1133442",
    "naId": 1133442,
    "coverageEndDate": {
        "day": 9,
        "logicalDate": "1975-12-09",
        "month": 12,
        "year": 1975
    },
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        "day": 9,
        "logicalDate": "1975-12-09",
        "month": 12,
        "year": 1975
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{
    "seq": 1,
    "pageIndex": 0,
    "type": "document",
    "url": "https://s3.amazonaws.com/NARAprodstorage/lz/presidential-libraries/ford/grf-0305/656148/1133442.pdf",
    "mediaId": "0028c231715a70f3",
    "ocrText": "The original documents are located in Box 1, folder \"12/9/75 - Vice President's White\nHouse Public Forum, Los Angeles\" of the Carla A. Hills Speeches at the Gerald R. Ford\nPresidential Library.\nCopyright Notice\nThe copyright law of the United States (Title 17, United States Code) governs the making of\nphotocopies or other reproductions of copyrighted material. Gerald Ford donated to the United\nStates of America his copyrights in all of his unpublished writings in National Archives collections.\nWorks prepared by U.S. Government employees as part of their official duties are in the public\ndomain. The copyrights to materials written by other individuals or organizations are presumed to\nremain with them. If you think any of the information displayed in the PDF is subject to a valid\ncopyright claim, please contact the Gerald R. Ford Presidential Library.\nDigitized from Box 1 of the Carla A. Hills Speeches at the Gerald R. Ford Presidential Library\nFINAL\nVICE PRESIDENT'S WHITE HOUSE PUBLIC FORUM\nLos ANGELES, CALIFORNIA\nDECEMBER 9, 1975\nTHE DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT IS\nJUST 10 YEARS OLD. IT IS SPECIFICALLY AUTHORIZED BY CONGRESS\nTO \"ASSIST\" IN THE DEVELOPMENT OF WORKABLE URBAN COMMUNITIES\n-- WHICH INCLUDES DECENT HOUSING -- PARTICULARLY FOR PEOPLE\nWITH LOW AND MODERATE INCOMES.\nI ACCENT THE WORD \"ASSIST\" -- BECAUSE IT IS NEITHER\nOUR MANDATE NOR OUR INTENT TO TAKE OVER THE JOB OF RUNNING\nANY OF OUR NATION'S INDEPENDENT STATES OR LOCALITIES.\nUNDER THE 1974 AcT, HUD IS AUTHORIZED TO GIVE LOCAL\nCOMMUNITIES $8.3 BILLION FOR COMMUNITY DEVELOPMENT OVER\nTHE FIRST 3 YEARS -- WITH $2.6 BILLION IN THIS PAST YEAR\nALONE.\nTHESE FUNDS ARE GIVEN TO THE LOCALITIES WITH THE\nFEWEST POSSIBLE STRINGS ATTACHED, ALLOWING THEM GREAT\nFLEXIBILITY IN MEETING REAL LOCAL NEEDS AS IDENTIFIED BY\nTHE PEOPLE WHO ACTUALLY LIVE THERE,\nFORD & LIBRARY GERALD\n-2-\nIT IS, IN FACT, A GOVERNMENT PROGRAM-IN-ACTION\nEXEMPLIFYING THE SAME BASIC OF DEMOCRACY THAT IS ENVOKED\nBY THIS FORUM TODAY.\nIN LOOKING AT THE PLIGHT OF THE CITIES, WE KNOW THAT\nTHEY ARE GRAPPLING WITH THE PROBLEMS CAUSED BY LAST DECADE'S\nMASSIVE OUT-MIGRATION TO THE SUBURBS OF TAXPAYING MIDDLE-\nINCOME PEOPLE AND BUSINESS.\nOUR FIRST YEAR WITH THE COMMUNITY DEVELOPMENT GRANTS\nSHOW, UNMISTAKENLY, THAT IF THE FEDERAL GOVERNMENT KEEPS\nITS HEAVY HAND OUT OF LOCAL DECISION-MAKING, THE CITIES\nARE CAPABLE OF MAKING THE RIGHT MOVES TO HELP THEMSELVES,\nTHEY HAVE SPENT MORE THAN 60 PERCENT OF THE $2.6 BILLION\nGRANTED FOR PRESERVING AND REHABILITATING WORN-DOWN\nNEIGHBORHOODS TO ATTRACT PEOPLE WHO CAN HELP PAY THEIR BILLS,\nIN ADDITION, STATES AND CITIES HAVE SPENT MORE THAN\n60 PERCENT OF THE NEARLY $30 BILLION IN REVENUE-SHARING\nFUNDS FOR PUBLIC SAFETY, TRANSPORTATION AND EDUCATION --\nCLEARLY CONCERNS THAT MUST BE ADDRESSED IF PEOPLE ARE\nWILLINGLY GOING TO RETURN TO CITY LIVING.\nFORD\n-3-\nANOTHER IMPORTANT PART OF OUR AcT PROVIDES RENTAL\nSUBSIDIES FOR LOWER INCOME FAMILIES -- ALLOWING THEM TO\nFIND DECENT QUARTERS IN QUALIFIED BUILDINGS OF THEIR OWN\nCHOOSING, AT A RENTAL THEY CAN AFFORD TO PAY.\nAGAIN, THE LOCAL COMMUNITY HAS THE MAJOR SAY IN HOW\nTHE RENTAL SUBSIDIES WILL BE USED, WHETHER IN NEWLY CONSTRUCTED,\nSUBSTANTIALLY REHABILITATED OR EXISTING HOUSING UNITS.\nALL THIS IS FACT, BUT THE HOUSING INDUSTRY IS STILL\nNOT ROBUST, AND YOU HAVE A RIGHT TO ASK WHAT IS HUD DOING\nABOUT IT.\nTHE FIRST THING WE ARE DOING IS GIVING ALL-OUT SUPPORT\nTO PRESIDENT FORD'S ECONOMIC PROGRAM.\nTHE HOUSING RECOVERY IS TIED TO THE RECOVERY OF THIS\nCOUNTRY'S OVERALL ECONOMY, UNLESS THIS NATION CAN HALT\nINFLATION AND REDUCE THE DISPARITY BETWEEN ACTUAL COSTS\nAND REAL INCOME, THE HOUSING INDUSTRY CANNOT RECOVER,\n-4-\nALL OF US KNOW THE BAD NEWS, THE GOOD NEWS IS THAT\nTHE PRESIDENT'S NATIONAL PLAN HAS STARTED TO TURN THE\nECONOMY AROUND.\nIN HOUSING, SALES OF NEW HOMES HAVE RISEN 46 PERCENT\nSINCE THE FIRST OF THE YEAR. THERE HAS BEEN A 66 PERCENT\nIMPROVEMENT IN THE LEVEL OF HOUSING STARTS.\nTHE SECOND THING WE'RE DOING IS FOLLOWING THROUGH\nON THE ADMINISTRATION'S FORCEFUL INITIATIVE TO ENSURE\nGREATER AVAILABILITY OF MORTGAGE CREDIT FOR PERSONS OF\nMODERATE MEANS.\nIN THE PAST 23 MONTHS, HUD HAS OFFERED $15.5 BILLION\nTO PURCHASE OVER 500,000 MORTGAGES BEARING INTEREST RATES\nTHAT ARE BELOW THE MARKET RATE. TODAY, THAT IS 7-1/2 PERCENT\nWHILE THE MARKET IS AT ABOUT 9 PERCENT,\nTHIS PROGRAM HAS COMPENSATED TO A SIGNIFICANT DEGREE\nFOR THE RAPIDLY RISING COSTS OF HOME FINANCING AND HAS THUS\nSERVED TO CUSHION THE SEVERITY OF THE DEPRESSION IN HOUSING,\n-5-\nTHE THIRD THING WE ARE DOING IS REACTIVATING HUD's\nHOMEOWNERSHIP SUBSIDY PROGRAM -- IN SUBSTANTIALLY REVISED\nFORM.\nTHE PROGRAM WILL INVOLVE $264 MILLION IN NEW CONTRACT\nAUTHORITY.\nBy ANY TOTAL INDUSTRY YARDSTICK, $264 MILLION MIGHT\nSEEM LIKE A SMALL PATCH ON THE ROOF. BUT, IT'S ENOUGH\nTO SUBSIDIZE MORE THAN 250,000 NEW UNITS OF HOUSING,\nAND, 250,000 UNITS TRANSLATES INTO ABOUT SIX-AND-ONE-HALF\nBILLION DOLLARS IN NEW CONSTRUCTION ACTIVITY AND THE CREATION\nOF MORE THAN 500,000 NEW CONSTRUCTION JOBS,\nCERTAINLY, I AM NOT TELLING YOU THAT THESE FEDERAL\nPROGRAMS WILL MAKE EVERYTHING COME UP ROSES IN THE HOUSING\nINDUSTRY THE DAY AFTER TOMORROW,\nWE WILL NEED TO CONTINUE TO USE THESE PROGRAMS --\nWITH CAUTION -- WITH AN EYE ON THE TOTAL ECONOMY,\n(\n-6-\nWE KNOW THAT IF WE MAKE EXCESSIVE USE OF THESE\nSTIMULANTS, WE WILL INJURE THE HOUSING INDUSTRY JUST AS\nIT IS REGAINING ITS HEALTH. MUCH GREATER TREASURY BORROWING\nWILL DRIVE UP THE COST OF MORTGAGE MONEY, AND DRIVE AWAY\nHOMEBUYERS WHO WOULD OTHERWISE ENTER THE MARKET, AND\nTHROW MORE CONSTRUCTION WORKERS OUT OF WORK.\nTHE INDUSTRY IS FORGING AHEAD, AND so IS THE OVERALL\nECONOMY.\nAND, I AM CONFIDENT THAT WE ARE GOING TO MAKE IT,\nBECAUSE PEOPLE LIKE YOU ARE COMING TO MEETINGS LIKE THIS\nONE, AND ARE AGAIN CONTRIBUTING YOUR THOUGHTS,"
}