which agency formed as the result of the us housing act of 1937
Housing Act of 1937 The act created the United States Housing Authority within the US Department of the Interior. The act builds on the National Housing Act of 1934, which created the Federal Housing Administration. Both the 1934 Act and the 1937 Act were influenced by American housing reformers of the period, with Catherine Bauer Wurster chief among them. Bauer drafted much of this legislation and served as a Director in the United States Housing Authority, the agency created by the 1937 Act to control the payment of subsidies, for two years.
Great Depression By 1932, unemployment had reached 23.6%, peaking in early 1933 at 25%.[154] Drought persisted in the agricultural heartland, businesses and families defaulted on record numbers of loans, and more than 5,000 banks had failed.[155] Hundreds of thousands of Americans found themselves homeless, and began congregating in shanty towns – dubbed "Hoovervilles" – that began to appear across the country.[156] In response, President Hoover and Congress approved the Federal Home Loan Bank Act, to spur new home construction, and reduce foreclosures. The final attempt of the Hoover Administration to stimulate the economy was the passage of the Emergency Relief and Construction Act (ERA) which included funds for public works programs such as dams and the creation of the Reconstruction Finance Corporation (RFC) in 1932. The Reconstruction Finance Corporation was a Federal agency with the authority to lend up to $2 billion to rescue banks and restore confidence in financial institutions. But $2 billion was not enough to save all the banks, and bank runs and bank failures continued.[148] Quarter by quarter the economy went downhill, as prices, profits and employment fell, leading to the political realignment in 1932 that brought to power Franklin Delano Roosevelt. It is important to note, however, that after volunteerism failed, Hoover developed ideas that laid the framework for parts of the New Deal.