Federal Housing Act

[AI summary unavailable — showing source text] Federal Housing Act - Declares the finding of the Congress that the general welfare of the American people requires, as a matter of national purpose, the sound development of housing, together with adequate financing thereof. Creates, under the provision of the National Housing Act, a body corporate in the executive branch of the Government to be known as the Federal Housing Administration which shall carry on and continue the functions, powers, and duties of the Department of Housing and Urban Development under this Act. Provides that nothing contained herein shall be deemed to prohibit the FHA from servicing other housing programs under this Act, provided such servicing is based on sound credit and actuarial standards. Provides that the FHA shall have succession until dissolved by Act of Congress. Provides that all of the FHA's powers under this Act, including the authority to insure mortgages, and fix maximum amounts, interest rates, and loan-to-value ratios for such mortgages, shall continue in full force and effect and may continue to be exercised until the FHA is dissolved by Act of Congress. Provides that FHA shall maintain its principal office in the District of Columbia, a…