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Progressive Housing in New York City: - Columbia University ...

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Number of Households <strong>in</strong> Build<strong>in</strong>g Industry<br />

The Co-operative <strong>Hous<strong>in</strong>g</strong> System<br />

The Co-operative Society System<br />

The Co-operative System<br />

A co-operative hous<strong>in</strong>g Association is one composed of a group of like-m<strong>in</strong>ded people who unite<br />

to secure attractive homes; homes built and run, not for profit but for the service of the<br />

occupants.<br />

Title<br />

In this type of hous<strong>in</strong>g a tenant does not buy or own his house or apartment. He owns shares <strong>in</strong><br />

the Cooperative Society. The ownership of these shares entitles him to a permanent lease for the<br />

home he occupies. In this system, the legal ownership of the property is vested <strong>in</strong> the<br />

Association as a whole.<br />

Costs<br />

Payment on land and build<strong>in</strong>g was secured by the tenant members buy<strong>in</strong>g shares <strong>in</strong> the <strong>Hous<strong>in</strong>g</strong><br />

Association. These payments were secured <strong>in</strong> two mortgages, the first of which is about 50<br />

percent of the valuation, and the second of which varies between 50 to 75 percent. In order to<br />

achieve the most favorable conditions, ideally the mortgages do not exceed 66.6 percent of the<br />

44

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