Home Owners Loan Corporation

The Home Owners Loan Corporation was established to allow Americans to stay in their homes.

On April 13th, 1933, President Roosevelt sent a message to Congress requesting legislation that would protect homeowners from foreclosure. In response, Congress rapidly created the Home Owner’s Loan Corporation . The H.O.L.C. provided Americans with money to refinance their homes at a lower, more affordable rate. The maximum loan the H.O.L.C. could give out was $20,000 (ensuring it could only help small homeowners.) In its three years of existence, the H.O.L.C. made over 1 million loans, totally 3.1 Billion dollars in credit.

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