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The Nome Nugget
Nome, Nome County, Alaska
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In 1953, Hawaii Delegate Farrington urged the House Banking Committee to approve a bill allowing the Federal National Mortgage Association to ease Hawaii's housing shortage with low down payments. Similar benefits were considered for Guam and Alaska, where housing finance is unavailable, per Housing Administrator Albert Cole.
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Hawaii Needs Federal Aid To Ease Housing Shortage
WASHINGTON, (P) - The House Banking Committee was told today that Hawaii needs more liberal government financial help to ease its housing shortage.
Delegate Farrington (R-Hawaii) asked approval of a bill to permit the Federal National Mortgage Association to make home buying easier for Hawaiians.
The association makes it possible for home buyers to buy houses with a down payment of only five per cent of the price.
The committee also considered extending these benefits to Guam and Alaska. The Senate already has passed a bill to do this, but refused to extend coverage to Hawaii.
Housing Administrator Albert Cole commented that home financing is "just not available" on Guam and that Alaskans have the same problem.
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Location
Washington
Event Date
June 12, 1953
Story Details
Delegate Farrington seeks bill approval for Federal National Mortgage Association to enable 5% down payments for Hawaiian home buyers to address housing shortage. Committee considers extensions to Guam and Alaska; Senate passed similar but excluded Hawaii. Cole notes financing unavailability in Guam and Alaska.