Busy. Please wait.

show password
Forgot Password?

Don't have an account?  Sign up 

Username is available taken
show password


Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account.
We do not share your email address with others. It is only used to allow you to reset your password. For details read our Privacy Policy and Terms of Service.

Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
Don't know
remaining cards
To flip the current card, click it or press the Spacebar key.  To move the current card to one of the three colored boxes, click on the box.  You may also press the UP ARROW key to move the card to the "Know" box, the DOWN ARROW key to move the card to the "Don't know" box, or the RIGHT ARROW key to move the card to the Remaining box.  You may also click on the card displayed in any of the three boxes to bring that card back to the center.

Pass complete!

"Know" box contains:
Time elapsed:
restart all cards
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

Housing Programs

Ginne Mae aka Government National Mortgage Association (1934) ensures that investors receive principal payments and interest loan payments in a prompt manner; however, it does not publically trade stock nor does it buy or sell loans.
Fannie Mae and Freddie Mac aka Federal National Mortgage Association (1938) buys both FHA loans and conventional mortgages. Freddie Mac, or Federal Loan Mortgage Corporation (1970) encourages homeownership and rental housing by maintaining the dist. of money to mortgage lenders.
Fannie Mae and Freddie Mac (cont.) Fannie Mae and Freddie Mac were intended to help middle income and first-time homebuyers obtain mortgages.
The Gautreaux program 1976. Idea that a person with greater housing choices would have greater educational opportunity. The program provided Section 8 housing for Chicago public housing residents and those on wait lists, enabling them to rent housing in suburban areas.
Federal Home Loan Bank System 1932. Created 12 regional banks as well as the Home Owners Loan Corporation (HOLC) which provides mortgage refinancing for struggling homeowners. It also aids home finance institutions that are sinking. Redling was common before it expired in 1954.
Federal Home Loan Bank System (cont.) Redlining is now illegal because it was inherently discriminatory.
Housing and Home Finance Agency 1947. Created to consolidate all federal housing programs. It was replaced by Housing and Urban Development (HUD)
Housing and Urban Development Act 1965. Established HUD and elevated it to a cabinet agency. It subsidized public housing projects as well as homes for families and those living below the poverty line. Helped low-income families get 3% home loans. Robert Weaver was HUD's first secretary.
HUD Act 1970. Perpetuated economic growth and development in urban and low-income communities by creating "community development corporations". It also helped moderate-income families acquire housing.
Urban Renewal (largest federal urban program in American history). Many families displaced without compensation or replacement housing. 1949-1973. Sought to redeve rundown communities by reinvigorating urban economies, providing low-cost housing, demo substandard housing, and integrate communities that were segregated. Urban renewal was created by the Housing Act of 1949. Used ED.
Section 8 Housing 1974. Assists low-income renters to find and acquire housing. A Section 8 renter pays only 30% of his income for housing, and any difference is paid for by the federal government.
Civil Rights Act aka Fair Housing Act outlawed discrimination in housing. Under title VIII, a person could not be denied the sale, rental, or financing of housing because of personal traits. If discriminated against, they could file a complaint with HUD or pursue a suit.
Housing and Community Development Act 1974. Established the Community Development Block Grant program, which combined the urban renewal, model cities and public facilities programs into a single entity. It allows more flexibility when a community is seeking federal aid by offering a
Housing and Community Development Act (cont.) 1 block grant rather than a categorical grant. It also provides funding for community improvements, development, and social services, and gives local governments more power than federal governments in using those funds.
Housing and Community Development Act (cont.) 2 Before obtaining CBDG grants, communities must provide a Housing Assistance Plan, or HAP, which details their specific development plans and needs.
Low Income Housing Tax Credit 1986. Provided another way of constructing low-income housing: Non-profit housing could sell tax credits to investors and corporations in order to raise funds for new construction/rehab/acquisition of existing structures. Projects were only available for
Low Income Housing Tax Credit (cont.) 1 funding if met one of the criteria: - 20% or more of project's housing is rent cont and occup by people with incomes 50% > area's ave income. -40% or more of project's housing is rent cont and occup by people with incomes 60% > area's avg income
Low Income Housing Tax Credit (cont.) 2 The LIHTC was created under the Tax Reform Act of 1986 as an alternative to HUD for funding development, and became the strongest federal program for redevelopment and construction of low-income housing.
Emergency Housing Act 1975. Empowered the HUD to assist underemployed adn unemployed homeowners by defraying their mortgage payments. The act used emergency federal funds.
Stewart B. McKinney Act 1987. Defined homelessness in a very broad and inclusive manner, especially in regards to the disabled, the elderly, and families with children. First major leg act on homelessness, enhanced fair housing provisions and created continuum of care concept.
Fair Housing Amendments 1988. Enhanced fair housing provisions to include group homes, community residences, halfway houses, and implementation of laws that prevent housing discrimination on the basis of age and disability. HUD able to file housing discrim. complaints directly.
Cranston-Gonzalez National Affordable Housing Act 1990. aka NAHA, created the "home ownership made easy (HOME)" program. Using federal funds, HOME matches the funds provided by cloal governments for low-income housing dev. Local gov had to prepare a "comprehensive housing affordability strategy."
Office of Federal Housing Enterprise Oversight 1992. Provides federal regulation for Fannie Mae and Freddie Mac as part of HUD.
HOPE VI program 1992. Created to prevent housing segregation and to spread out low-income housing. It replaced existing low-quality housing projects with higher-quality, mixed-income housing. By distributing vouchers, it also allowed public housing residents to rent apts
HUD Multifamily Housing Disposition Rule 1994. Demolished foreclosed apartment buildings.
Housing and Community Development Act (1992) Helped provide affordable housing and various support services, such as cooking, cleaning and transportation, for the elderly. Because of these services, elderly persons with low-income could remain independent within their homes.
Housing Opportunity Extension Act 1996. Set aside a specific number of public housing projects and public housing units for either the elderly or the disabled. Under the act, housing projects could evict persons who abused alcohol or drugs and who had criminal records.
Manufactured Housing Improvement Act 2000. Created a set of standards for the construction and placement of manufactured homes. States required to establish "dispute resolution programs", to determine the responsible party (installer, retailer, or manufacturer) if a defect needed repair.
Created by: jlongabaugh