Federal Housing Administration

The Federal Housing Administration is currently a part of the Department of Housing and Urban Development (HUD). It was created in 1934 by the National Housing Act of 1934. Its primary purpose is to insure the loans made by banks and other entities for the purpose of building or purchasing homes.

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Speech Relevance

Reagan spoke, in 'A Time For Choosing' of the FHA as having control (along with the Veteran's Administration) of thousands of foreclosed homes:

The President tells us he is now going to start building public housing units in the thousands where heretofore we have only built them in the hundreds. But FHA and the Veterans Administration tell us that they have 120,000 housing units they've taken back through mortgage foreclosures.

His point being that there was no need to construct new public housing when the government already owned plenty of housing.

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Source Links

Federal Housing Administration (Wikipedia)