Statement on Signing the Emergency Home Finance Act of 1970.

THE EMERGENCY Home Finance Act of 1970 provides an important legislative step in our efforts to alleviate the Nation's critical housing shortage. All of those who supported this legislation and who worked so hard to bring about its enactment deserve the Nation's commendation. Senator Sparkman and Congressman Widnall deserve particular credit for their important role in this legislative accomplishment.

Title I of this bill authorizes a $250 million subsidy for the Federal home loan banks. I am encouraged to learn that action on the appropriations bill which would actually provide this funding is already nearing completion. This money will, in turn, add an additional $4 billion to the private housing market.

As I sign the Emergency Home Finance Act of 1970, I emphasize again how important it is that leaders in both the executive and the legislative branches of Government-and in both political parties-work together in a highly cooperative and highly imaginative manner in addressing the Nation's housing problems. Those problems are still severe. While housing starts have increased in the past few weeks, housing production is still substantially below desirable levels. We must improve this performance, not only to meet the growing demand for housing but also to make up the large housing deficit which has accumulated over the past 4 years, and to permit people to move from the many substandard housing units which are now in existence.

The Emergency Home Finance Act will help us advance toward all of these objectives. But there is still much work that needs to be done. The administration's Housing and Urban Development Act of 1970 is still in committee. It has been before the Congress since March 19, 1970. I hope that it will soon be reported and enacted so that we can get on with this urgent work.