FHA Credit Service Reached 4 Million in 1973
Credit services in rural
housing, farming and community
facilities through the Farmers
Home Administration of the
Department of Agriculture
reached more than four million
citizens in fiscal 1973, Assistant
Secretary of Agriculture William
r i
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LONGENECKER
FARM SUPPLY
Rheems
Erwin announced.
Loans totaled $3.75 billion in
FHA programs that supplement
credit available to rural people
from private sources.
In summing up for the year
ended June 30, the Secretary
reported record benefits in all
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STOLTZFUS
FARM SERVICE
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Lancaster
lines of rural development served
by FHA. Highlights of the report;
Rural Housing - $1.86 billion in
loans insured by the Farmers
Home Administration enabled
125,000 families of low and
moderate income to move into
better, more modernized homes
in rural towns and the coun
tryside.
The program helped 116,700
families to buy or improve houses
with loans totaling $1,735 billion.
It also provided $lO5 million of
loans to build 8,500 units .of
apartment and other rental
housing in rural communities.
The showing exceeded the
previous year’s record of 112,000
individual homes and 3,800 rental
units provided through $1.6
billion loaned in FY 1972.
Rural housing credit is made
available through FHA when
other sources of home financing
are not available in rural towns of
up to 10,000 population as well as
the open country. The program
has generated a sharp rise in
rural homebuilding since fiscal
1969, when a $5OO million rural
FHA program produced 55,000
loans.
The upsurge last year in rental
housing represented progress in
meeting a particular need of
senior citizens in rural com
munities. Most units produced
through the rural program were
Lancaster Farming, Saturday, September 8,1973
in garden-type apartment
projects designed with the safety
and convenience of elderly
residents in mind. They also
helped to relieve a shortage of
rental housing in rural towns for
younger families not yet in
position to buy individual homes.
The rural housing program
includes loans for development of
improved homesite areas which
are lacking in many rural
communities. It also supports the
development of housing on the
“self help” plan whereby
low-income families perform
much of the work in building new
homes for themselves.
Farm Credit - Farm credit
through the Farmers Home
Administration totaled $1.4
billion in FY 1973, for a 73 percent
increase over the previous one
year record amount of $B3lB
million loaned in FY 1972. Farm
families numbering an estimated
785,000 men, women and children
were served by FHA farm credit
programs the past year.
A large percentage of the loans
were made in conjunction with
credit supplied by other lenders
who joined with FHA in serving
the total requirements of farm
families. Other lenders ac
counted for $3OO million of farm
ownership credit and $lBB million
of operating credit. These
resources, added to the $1.4
billion channeled through the
agency, raised the impact of FHA
farm credit services to nearly $2
billion for the year.
FHA farm ownership loans
totaling $4OB million were made
to 15,492 families to buy, enlarge
or improve family-operated
farms. Operating loans to more
than 50,000 families provided $454
million for equipment and sup
plies that figure in farm
production. Emergency loans
totaling $557.7 million were made
to 128,000 borrowers to restore
farm operations damaged by
natural disaster.
Loans were also made under
farm credit programs to improve
the use of soil and water
resources, build irrigation
systems, establish recreation and
other nonagricultural enterprises
on family farms, and for tribal
purchase of scattered tracts of
land in Indian reservation areas
Community Facilities - The
FHA-admimstered program to
finance modern water and waste
disposal systems in the rural
United States reached a new high
level in FY 1973 when $429 million
was channeled into 1,629 projects
About 300,000 families will
benefit directly from the new or
expanded water, sewer and trash
disposal systems serving town
and country areas, where most of
the nation’s need exists for
bringing water and sanitation
services up to modern standards
Since its inception in the late
1950’5, the community facilities
program has brought about 5,500
water systems and 2,000 waste
disposal systems to rural areas
Small watershed im
provements also received nearly
$2O million of financing through
the Farmers Home Ad
ministration in FY 1973
The record activity of the past
year brought to $11.7 billion the
total of loans outstanding with the
Farmers Home Administration.
It is estimated that more than
12.6 million rural citizens now
benefit from the better housing,
farms and community services
made possible by the programs
The agency carries on its
lending operations through more
than 1,700 county offices
throughout the United States*
Almost all loan funds come from
non-government sources under
FHA insurance of investors.
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