If you’re a homeowner, renter, or just want more information on mortgage borrowing, you’ll want to read this article. There are several sets of laws in place to protect you from unfair discrimination and lending practices. Let’s take a look at some of the most important ones. 

Landmark Acts 

National Housing Act 

Established in 1934, the National Housing Act was a part of President Roosevelt’s New Deal. This act created the Federal Housing Administration, which then formed a mortgage insurance program. 

This insurance lowered the financial risk for lenders, making it easier for average Americans to get a loan. 

Wagner-Steagall Act 

Also known as the Housing Act of 1937, the Wagner-Steagall Act created the United States Housing Authority. It’s main function was to give federal loans to state and local housing authorities. Low-income housing could now be constructed in both small and large towns across the country. 

Fair Housing Act

Passed as part of the Civil Rights Act, the Fair Housing Act makes it illegal for landlords, real estate agencies, or other lending services to discriminate based on race, religion, sex, or disability. 

For Your Protection 

Let’s go over the basic principles that U.S. Housing Laws operate on. These are in place to make housing fair and available to everyone. 

Individual’s Rights

These housing laws are in place to ensure tenants, homeowners, and mortgage borrowers have the right of possession, the right of control, the right of exclusion, and the right of disposition. This is commonly referred to as the Bundle of Rights. 

Reduce Homelessness

Federal and local housing laws help to finance affordable housing under the Section 8 Program. This gives low-income people and families the chance to live in safe and clean housing. 

Reduce Discrimination 

Minority groups have been a target of discrimination for a long time. Not just housing, but employment and in various other ways as well. U.S. Housing laws seek to end this practice, especially racial discrimination. 

How Laws Are Made

Congress is responsible for creating federal housing laws, while state and local ones are handled by their local government agencies. If there is ever a disagreement among government bodies, federal housing laws have authority or the state and local ones. 

The Department of Housing and Urban Development is in charge of enforcing federal housing laws. Sometimes the Department of Justice is active in this as well. Go to HUD to learn more about their policies. 

Know Your Rights 

It’s important for anyone in a tough living situation that you have basic rights. This article should give you a better understanding of how it works and who it affects. These housing laws are in place to make sure you won’t be left out in the cold.