The History of HUD
FHA Adjustable Rate Mortgage (or FHA ARM)
1937
U.S. Housing Act of 1937
1965
Department of Housing and Urban Development Act of 1965 creates HUD as Cabinet-level agency.
1966
Robert C. Weaver becomes the first HUD Secretary, January 18.
1968
Riots in major cities follow assassination of Dr. Martin Luther King Jr. Civil Rights Act of 1968 (also known as the Fair Housing Act) outlaws most housing discrimination, gives HUD enforcement responsibility. Housing Act of 1968 establishes Government National Mortgage Association (Ginnie Mae) to expand availability of mortgage funds for moderate income families using government guaranteed mortgage-backed securities.
1969
Robert C. Wood receives recess appointment as HUD Secretary, January 7. George C. Romney is appointed HUD Secretary by President Richard M. Nixon, January 22.
1970
Housing and Urban Development Act of 1970 introduces Federal Experimental Housing Allowance Program and Community Development Corporation.
1972
Pruitt-Igoe public housing buildings in St. Louis are demolished.
1973
President Nixon declares moratorium on housing and community development assistance. James T. Lynn becomes HUD Secretary, February 2.
1974
Housing and Community Development Act consolidates programs into Community Development Block Grant (CDBG) program. Section 8 tenant-based certificates increase low-income tenants' choice of housing. Gerald R. Ford becomes president following Nixon's resignation.
1975
Carla A. Hills is appointed HUD Secretary, March 10.
1977
Patricia R. Harris is appointed HUD Secretary by President James E. Carter, January 23. Urban Development Action Grants (UDAG) give distressed communities funds for residential or nonresidential use.
1979
Moon Landrieu becomes HUD Secretary, September 24. Inflation hits 19 percent, seriously impacting homebuying and home mortgage loans.
1980
Depository Institutions' Deregulation and Monetary Control Act of 1980 changes rules governing thrift institutions, expands alternative mortgages.
1981
Samuel R. Pierce Jr. is appointed HUD Secretary by President Ronald W. Reagan, January 23. Interest rates for FHA-insured mortgages peak at 15.17 percent (up from 7 percent in 1972).
1983
Housing and Urban-Rural Recovery Act of 1983 begins Housing Development Action Grant and Rental Rehabilitation programs.
1987
Stewart B. McKinney Act sets up programs to help communities deal with homelessness.
1988
Indian Housing Act gives HUD new responsibilities for housing needs of Native Americans and Alaskan Indians. Housing and Community Development Act allows sale of public housing to resident management corporations. Fair Housing Amendments Act makes it easier for victims of discrimination to sue, stiffens penalties for offenders.
1989
Jack F. Kemp is appointed HUD Secretary by President George W. Bush, February 13. Financial Institutions' Reform, Recovery, and Enforcement Act bails out failing thrift institutions.
1990
Cranston-Gonzalez National Affordable Housing Act emphasizes homeownership and tenant-based assistance, launches HOME housing block grant. Low-Income Housing Preservation and Residential Homeownership Act of 1990 fortifies Federal commitment to preservation of -assisted low-income, multifamily housing
.
1992
Federal Housing Enterprises' Financial Safety and Soundness Act of 1992 creates HUD Office of Federal Housing Enterprise Oversight to provide public oversight of FNMA and Federal Rome Loan Mortgage Corporation (Freddie Mac).
1993
Henry G. Cisneros is named Secretary of HUD by President William J. Clinton, January 22. Empowerment Zone and Enterprise Community program becomes law as part of the Omnibus Budget Reconciliation Act of 1993.
1995
"Blueprint for Reinvention of HUD" proposes sweeping changes in public housing reform and FHA, consolidation of other programs into three block grants.
1996
Homeownership totals 66.3 million American households, the largest number ever.
1997
Andrew M. Cuomo is named by President Clinton to be Secretary of Housing and Urban Development, the first appointment ever from within the Department.
1998
HUD opens Enforcement Center to take action against HUD-assisted multifamily property owners and other HUD fund recipients who violate laws and regulations. Congress approves Public Housing reforms to reduce segregation by race and income, encourage and reward work, bring more working families into public housing, and increase the availability of subsidized housing for very poor families.
2000
America's homeownership rate reaches a new record-high of 67.7 percent in the third quarter of 2000. A total of 71.6 million American families own their homes - more than at any time in American history.
2001
Mel Martinez, named by President George W. Bush to be Secretary of Housing and Urban Development, is unanimously confirmed by the U.S. Senate on January 23, 2001.
First-time homebuyers considering an FHA home loan have plenty of questions, including one of the all-time most popular early inquiries: “How much can I borrow?” If you have done some Internet research on FHA loan limits in the past, check again—some reports are now out of date because of recent changes to the rules for FHA lending limits.
FHA-insured mortgages and mortgage insurance requirements can be confusing, but the facts are simple. FHA home loans aren’t any more difficult to understand than a conventional loan. You just need to learn the lending vocabulary.
When you decide to apply for an FHA Refinance loan, there are several questions you’ll need to answer to set the approval process in motion. Some questions are about planning issues, others are directly related to whether or not an FHA Refinance loan is for you.
ADDITIONAL ARTICLES
