American Institute of Certified Planners (AICP) Practice Exam

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What year did the Serviceman's Readjustment Act, which provided favorable home loan terms to veterans, get enacted?

1932
1940
1944
1948

The correct answer is: 1944

The Serviceman's Readjustment Act, commonly known as the GI Bill, was enacted in 1944. This landmark legislation was designed to assist returning World War II veterans in their transition to civilian life. One of its significant provisions was the establishment of favorable home loan terms, which allowed veterans to secure loans for purchasing homes with minimal down payments and favorable interest rates, significantly contributing to the post-war housing boom in the United States. The enactment of the GI Bill in 1944 was pivotal in shaping the American economy and society in the following decades, enabling millions of veterans to become homeowners and leading to a rise in the middle class. The timing of this legislation was crucial as it aligned with the end of the war, providing timely support to an influx of returning soldiers seeking stability and opportunities in civilian life.