Established in 1934 as part of Roosevelt's recovery campaign, this program focused on stimulating the growth of the building industry. A similar agency, the Home Owners' Loan Corporation (HOLC) was also established. The FHA promised a stable future by providing the funds necessary to construct low-income housing. Today, percentage-wise, more Americans own homes than people in any other country in the world. More than 70 years since its inception, the FHA is the largest insurer of home mortgages in the world.