Remarks on Signing the Emergency Home Finance Act of 1970

Ladies and gentlemen:

We are here for the signing of the Emergency Home Finance Act of 1970.

As the Members of the House and Senate, a bipartisan group, can tell you, this is the most significant housing legislation to be enacted by this Congress. It is enormously important to the homebuilding industry. That is why we have invited not only representatives of the industry here today, but also representatives of the construction trades, because this is an area where the Nation needs more housing, where our goals, as Secretary Romney has often pointed out, are far greater than our present supply; and, secondly, where we need the impetus this time in the financial market which will get homebuilding moving up.

We have been very encouraged in the last couple of months as far as housing starts are concerned, but it is still not at the level it should be.

This will provide some needed financial impetus, $250 million in actual money in this particular area which can have a multiplier effect of several billions of dollars in homebuilding.

For this reason, I am delighted to have the opportunity to sign this bill and in the presence of, I think, the largest group I have had for a bill signing ceremony since I have been here. Incidentally, this shows what national support there is for this legislation, support by both parties in the House and the Senate. We could not have done it without bipartisan support and support by both industry and by labor. We could not have done it without both their support.

Now, we are all going to work together to get the housing built.