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