Homeowners Refinancing Act

{{short description|US housing legislation passed in 1933}}

{{Use American English|date=June 2025}}

Image:FDR in 1933.jpg in 1933]]

The Homeowners Refinancing Act (also known as the Home Owners' Loan Act of 1933 and the Home Owners' Loan Corporation Act) was an Act of Congress of the United States passed as part of Franklin Delano Roosevelt's New Deal during the Great Depression to help those in danger of losing their homes.{{cite book|title=Barron's Regents Exam and Answers: U.S. History and Government|author1=McGeehan, J.|author2=Gall, M.|author3=Streitwieser, W.|date=2014|publisher=Barron's Educational Series|isbn=9780812033441|url=https://books.google.com/books?id=jJ2Z6Bv4CSAC|page=133|access-date=2015-06-03}} The act, which went into effect on June 13, 1933, provided mortgage assistance to homeowners or would-be homeowners by providing them money or refinancing mortgages.{{cite web|url=http://beatl.barnard.columbia.edu/amciv/NewDealTLine.htm |archive-url=https://web.archive.org/web/20020427025747/http://beatl.barnard.columbia.edu/amciv/NewDealTLine.htm |archive-date=2002-04-27 |url-status=dead |title=History 1052y  Mr |access-date=2015-06-03 }}{{cite web|url=http://www3.telus.net/EKaminski/rooseveltnotes.htm|title=Roosevelt|publisher=www3.telus.net|access-date=2015-06-03}}{{cite web|url=http://apusnotes.nfshost.com/timeline/presidents|title=History Bookshelf - Presidential Accomplishments|publisher=apusnotes.nfshost.com|access-date=2015-06-03}}

Sponsored by Senate Majority Leader Joe T. Robinson of Arkansas, it also created the Home Owners' Loan Corporation (HOLC), building on Herbert Hoover's Federal Loan Bank Board. The Corporation lent low-interest money to families in danger of losing their homes to foreclosure. By the mid-1930s, the HOLC had refinanced nearly 20% of urban homes in the country.{{cite book|title=Anxious Decades: America in Prosperity and Depression, 1920-1941|author=Parrish, M.E.|date=1994|publisher=W.W. Norton|isbn=9780393311341|url=https://books.google.com/books?id=vzKfAUlWdFQC|page=295|access-date=2015-06-03}}{{cite book|title=Financing the American Dream: A Cultural History of Consumer Credit|author=Calder, L.|date=2009|publisher=Princeton University Press|isbn=9781400822836|url=https://books.google.com/books?id=jm8dwXL6cLkC|page=280|access-date=2015-06-03}}