The National Housing Act is a U.S. federal law enacted in 1934 aimed at promoting homeownership and improving housing standards through the establishment of government-backed mortgage programs. This legislation led to the creation of the Federal Housing Administration (FHA) and was a crucial response to the Great Depression, providing access to affordable financing for millions of Americans. By facilitating low down payments and mortgage insurance, the Act significantly increased homeownership rates and helped stabilize the housing market.
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