In what year was the Federal Housing Administration established?

The Federal Housing Administration (FHA) was established in 1934 as part of the National Housing Act. This creation was a significant response to the housing crisis during the Great Depression, aimed at boosting the housing market by providing federal insurance for residential mortgages. The objective was to stimulate home construction, support the housing market, and ensure people had access to affordable mortgages. The establishment of the FHA played a critical role in promoting home ownership by making it easier for individuals to obtain financing, thus laying the groundwork for the modern mortgage system in the United States.