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Ford Press Releases - Housing, 1966-1971
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4525547
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Ford Press Releases - Housing, 1966-1971
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The original documents are located in Box D8, folder "Ford Press Releases - Housing,
1966-1971" of the Ford Congressional Papers: Press Secretary and Speech File 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. The Council 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States of America his copyrights in all of his unpublished writings in National Archives collections.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 D8 of The Ford Congressional Papers: Press Secretary and Speech File at the Gerald R. Ford Presidential Library
000
MNIT
U. S. HOUSE
OF REPRESENTATIVES
REPUBLICAN POLICY COMMITTEE
REP. JOHN J. RHODES, (R.-ARIZ.) CHAIRMAN
1616 LONGWORTH HOUSE OFFICE BUILDING
TELEPHONE 225-6168
10
91st Congress
June 23, 1970
Second Session
Statement Number 8
HOUSE REPUBLICAN POLICY COMMITTEE STATEMENT ON H.R. 17495,
THE EMERGENCY HOME FINANCE ACT OF 1970
"Economic incentives will be developed to attract private
industry and capital to the low-cost housing market."
Republican Platform, 1968
The House Republican Policy Committee supports the passage of H.R. 17495,
the Emergency Home Finance Act of 1970.
Twenty million Americans today live in substandard housing. To overcome
the existing backlog and meet the Nation's ever-expanding housing need, twenty-six
million units must be constructed in this decade.
Since 1950, when 1.9 million units were constructed, a continuing decline
in housing production, an outflow of funds from savings institutions supporting the
housing market, and a drying up of traditional mortgage sources have brought about
a housing crisis which threatens our national well-being.
Curbing inflation is basic to the easing of the critically tight money
market and is of the highest national priority. The housing industry, however, is
bearing a disproportionate burden of the inflationary pressures as well as the
anti-inflation measures instituted to restore price stability. To direct the flow
of additional funds into the home mortgage market and overcome this most pressing
restraint on housing construction, specific action by the Congress is required.
(over)
-2-
H.R. 17495 will stimulate private investment in mortgages, providing
needed assistance to home buyers, without undermining Republican efforts to
control inflation. The Act:
1) authorizes $250 million to be used by the Federal Home Loan
Bank Board to reduce interest rates charged by Federal home
loan banks to member associations, thus promoting the orderly
flow of funds into residential financing.
2) expands the purchase authority of the Federal National
Mortgage Association to include conventional mortgages, in
addition to the federally underwritten mortgages it now
purchases and sells.
3) authorizes the establishment of a Federal Home Loan Mortgage
Corporation, a secondary market facility to purchase residen-
tial mortgages.
4) increases the authority of the Government National Mortgage
Association in the amount of $1.5 billion, to provide
additional special assistance for low-income housing.
5) extends the authority of the Secretary of Housing and Urban
Development and the Administrator of the Veterans' Adminis-
tration to set maximum interest rates on FHA and VA loans to
meet mortgage market conditions.
Enactment of these provisions will effectively stimulate the flow of
funds into the mortgage market.
The bill, as originally proposed, provided for the establishment of a
National Development Bank, the main source of funds for which would be an annual
(more)
-3-
compulsory assessment of up to 2.5% of the assets of pension funds and private
foundations. The proposal is of doubtful constitutionality and is but a thinly
veiled attack in a continuing battle against a major segment of the Nation's
financial structure. The provision, which was opposed by the Nixon Administration,
was wisely deleted by the Banking and Currency Committee. Their action in
striking the provision, Title V of the bill, is strongly supported.
Title VII of H.R. 17495 authorizes the Federal Reserve to permit
commercial banks to invest portions of their cash reserves in agency securities
issued to finance residential real estate. Such authority, an extraordinary
precedent strongly opposed by the Board of Governors of the Federal Reserve
System, could well jeopardize the liquidity of commercial banks and lead to
directed investment of their assets. The deletion of the authority, contained
in Title VII of the bill, is urged.
Thus amended, the enactment of H.R. 17495, the Emergency Home Finance Act
of 1970, will contribute substantially to curbing rampant inflation in housing
costs. The House Republican Policy Committee urges its passage.
all Fifth District only
a Office Copy
CONGRESSMAN
NEWS
GERALD R. FORD
HOUSE REPUBLICAN LEADER
RELEASE
FOR IMMEDIATE RELEASE--
March 16, 1971
Rep. Gerald R. Ford, R-Mich., today introduced a Nixon Administration bill
which would clear the way for construction of hundreds of low and moderate income
housing units in Michigan and elsewhere.
Ford's bill would amend the Public Utility Holding Company Act of 1935 to
permit companies regulated under the Act to participate in government-assisted low
and moderate income housing programs. Commerce Committee Chairman Harley O.
Staggers, D-W.Va., and Rep. William L. Springer, Ill., the committee's senior
Republican, are poised to introduce identical bills.
Enactment of Ford's Holding Company Act Amendment would allow Michigan
Consolidated Gas Company to go ahead with three low and moderate income housing
projects in Michigan. These projects would provide 538 homes at a cost of roughly
$10 million.
One of the projects consists of 150 units in Kentwood, just south of Grand
Rapids. The others are a 175-unit project in an urban renewal area of Muskegon and
213 units in Romulus, a Detroit suburb.
Said Ford: "While I have considerable interest in the overall housing needs
of the country, I am particularly interested in seeing the Kentwood project proceed.
All of the necessary local and FHA approvals have been obtained. This project will
provide 150 homes which are greatly needed in the Grand Rapids area. Very little
has been done in the area in the way of lower income housing construction."
Ford also noted that the project will provide additional employment in the
Grand Rapids area, "which is badly needed at this time."
The Grand Rapids project ultimately is expected to result in 302 homes. The
first phase of the project, 150 units, is estimated to cost $2.8 million.
Michigan Consolidated Gas Company had been building low and moderate income
housing in Michigan until the Securities and Exchange Commission ruled against such
activity on June 22, 1970.
The 1970 ruling was a reversal of an SEC ruling handed down in March 1969,
at which time the SEC authorized such activity by Michigan Consolidated Gas. After
the favorable 1969 ruling, Michigan Consolidated built 298 units in Elmwood and
134 units in Inkster, Mich.
There are housing units in Michigan that hinge on enactment of the Ford bill.
There are also housing projects in other parts of the country that are awaiting this
legislation.
###
CONGRESSMAN
NEWS
GERALD R. FORD
HOUSE REPUBLICAN LEADER
RELEASE
--FOR IMMEDIATE RELEASE--
March 16, 1971
Rep. Gerald R. Ford, R-Mich., today introduced a Nixon Administration bill
which would clear the way for construction of hundreds of low and moderate income
housing units in Michigan and elsewhere.
Ford's bill would amend the Public Utility Holding Company Act of 1935 to
permit companies regulated under the Act to participate in government-assisted low
and moderate income housing programs. Commerce Committee Chairman Harley O.
Staggers, D-W.Va., and Rep. William L. Springer, Ill., the committee's senior
Republican, are poised to introduce identical bills.
Enactment of Ford's Holding Company Act Amendment would allow Michigan
Consolidated Gas Company to go ahead with three low and moderate income housing
projects in Michigan. These projects would provide 538 homes at a cost of roughly
$10 million.
One of the projects consists of 150 units in Kentwood, just south of Grand
Rapids. The others are a 175-unit project in an urban renewal area of Muskegon and
213 units in Romulus, a Detroit suburb.
Said Ford: "While I have considerable interest in the overall housing needs
of the country, I am particularly interested in seeing the Kentwood project proceed.
All of the necessary local and FHA approvals have been obtained. This project will
provide 150 homes which are greatly needed in the Grand Rapids area. Very little
has been done in the area in the way of lower income housing construction."
Ford also noted that the project will provide additional employment in the
Grand Rapids area, "which is badly needed at this time."
The Grand Rapids project ultimately is expected to result in 302 homes. The
first phase of the project, 150 units, is estimated to cost $2.8 million.
Michigan Consolidated Gas Company had been building low and moderate income
housing in Michigan until the Securities and Exchange Commission ruled against such
activity on June 22, 1970.
The 1970 ruling was a reversal of an SEC ruling handed down in March 1969,
at which time the SEC authorized such activity by Michigan Consolidated Gas. After
the favorable 1969 ruling, Michigan Consolidated built 298 units in Elmwood and
134 units in Inkster, Mich.
There are housing units in Michigan that hinge on enactment of the Ford bill.
There are also housing projects in other parts of the country that are awaiting this
legislation.
###