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EXPLANATORY STATEMENT The RFC Mortgage Company was created March 14, are obtained by loans from the Reconstruction Finance 1935, under the laws of the State of Maryland. By au Corporation. thority of section 5 (c) of the Reconstruction Finance The principal functions of the company are to make Corporation Act, as amended, the Reconstruction Finance loans upon urban income-producing properties and to proCorporation subscribed to and purchased the entire stock vide a market for mortgages through the purchase thereof. of the Corporation amounting to $25,000,000. Additional The receipts, expenditures, and method of financing are funds required to carry on the business of the company shown in detail in the above statement.

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EXPLANATORY STATEMENT By authority granted in section 201 (e) of the Emer- Since May 1, 1934, the regional agricultural credit corgency Relief and Construction Act of 1932, approved July porations have been in process of orderly liquidation, the 21, 1932, the Reconstruction Finance Corporation created short-term credit needs of agriculture being provided for 12 regional agricultural credit corporations to make short- by other permanent organizations administered by the term loans direct to farmers and stockmen in the United Farm Credit Administration. In accordance with author States.

ity granted by the Farm Credit Act of 1937, the Farm The stock of these corporations was subscribed and paid Credit Administration has effected the consolidation or for by the Reconstruction Finance Corporation out of the merger of various of the corporations so that on June 30, unexpended balance of the amounts allocated and made 1941, there were only three in existence. In addition

, available to the Secretary of Agriculture under section 2 there was a branch office at Wenatchee, Wash., which was of the Reconstruction Finance Corporation acts. All of established late in 1940 for the purpose of extending credit the stock is now held by the Secretary of the Treasury for

to apple growers in that area. The severe economic disand on behalf of the United States. Of the total original tress faced by the apple industry in the Pacific Northwest capital of $44,500,000, the corporations have returned to

as the result of the closing down of export markets and a revolving fund set up under section 84 of the Farm Credit Act of 1933 the sum of $39,500,000, leaving out

other factors had created a most urgent need for credit standing stock in the amount of $5,000,000.

which it was believed could best be met by the regional On May 27, 1933, the functions of the Reconstruction agricultural credit corporations. · Finance Corporation relating to the affairs of the regional

The receipts and expenditures of the regional agriculagricultural credit corporations were transferred to the tural credit corporations are shown in detail in the foreFarm Credit Administration.

going statement.

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1 Includes $2,000,000 of unused balance appropriated for annual contributions for fiscal year 1942, which amount (together with the additional $17,000,000 to be appropriated for annual contributions) is to be used for annual contributions for 1943.

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EXPLANATORY STATEMENT The United States Housing Authority was originally | newly created Federal Works Agency. The United States created as a body corporate of perpetual duration in the Housing Authority was authorized to engage in defense Department of the Interior by the United States Housing housing activities under title II of Public, No.671, SeventyAct of 1937, approved September 1, 1937 (50 Stat. 888), sixth Congress, chapter 440, third session, H. R. 9822, to provide financial assistance to the States and political approved June 28, 1940. subdivisions thereof for the elimination of unsafe and in- The Authority has a capital stock of $1,000,000 subsanitary housing conditions, for the eradication of slums, scribed by the United States and is authorized to issue for the provision of decent, safe, and sanitary dwellings obligations guaranteed by the United States in an amount for families of low income, for the reduction of unemploy- not to exceed $800,000,000 and to make contributions in ment, and the stimulation of business activity

an amount not to exceed $28,000,000 per annum. This act was further amended by the United States Hous- The receipts, expenditures, and means of financing of ing Act amendment of 1938, approved June 21, 1938 (52 the Authority (other than expenditures incurred in conStat. 820). The United States Housing Authority, undernection with the completion of the transferred Public Reorganization Plan No. 1, effective July 1, 1939, was Works Administration Housing Division projects) are transferred from the Department of the Interior to the shown in detail in the foregoing statement.

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1 Revenues and miscellaneous receipts are not shown on this summary as a method of financing. Actual and estimated revenues and miscellaneous receipts have been applied against the programs and projects to which they are related. This is in accord with the provisions of the Tennessee Valley Authority Act and the various appropriation acts. These receipts are shown under "Means of financing" on the schedule of obligations by objects. • Deduct.

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