The National Housing Act of 1934 was passed during the Great Depression in order to make housing and home mortgages more affordable. It created the Federal Housing Administration (FHA) and the Federal Savings and Loan Insurance Corporation. The Great Depression was a worldwide economic downturn, starting in 1929 (although its effects were not fully felt until late in 1930) and lasting through most of the 1930s. ... Houses in Fishpool Street, St Albans, England For other meanings of the word house, see House (disambiguation). ... A mortgage is a method of using property as security for the payment of a debt. ... The Federal Housing Administration began as part of the New Deal in 1934. ... The Federal Savings and Loan Insurance Corporation (FSLIC) administered the deposit insurance for savings and loans in the United States. ...