Evening star., 1924-02-23
tenant APARTMENT
PURCHASES STUDIED
Realty Board Collects Data on Co.
Operative Ownership of
Buildings.
METHOD LONG IN VOGUE
Now Is Making Rapid Progress in
American Cities.

So active a factor in the construc-
ton of new housing has the Tenant
owned apartment building become
that a special SECTION now is being
organized within the National Asso-
citation of Real Estate Boards for the
development OF the best practices
nationally in the organization, financ-
ing, sale and operation of cooper
atively-owned apartment buildings.
The section is being organized as a
part of the mortgage and finance di-
vision of the association.
Albert w. Swayne of Chicago will
be chairman of the newly formed
section.
The setting up of standards in re-
gard to the plan Of home-unit owner
ship for apartment dwellers that will
give the builder and buyer Of Il CO.
operative apartment the benefit of
the test of time on cooperative en-
terpriseS nationally will be the pur-
pose of the coming section. \ sur
vey of all comparatively owned
apartment buildings now In the
United States will be undertaken at
once to give Il complete foundation
for the findings of the association as
I" the most satisfactory ways of
utilizing the cooperative financing
plan in apartment house construction.
VIII Aid Families.
For the family which finds in the
ownership of an apartment unit a
promising compromise between the
advantages of Il privately owned
apartment the association will study
to find what. in the experience of
realtors everywhere, has been the
most workable form of incorpora-
err },x-n =
enterprise. the best form of lease,
the necessities to be provided for in
budget for the directors accounts,
and other details concerned with the
most satisfactory operation of the
building.
Financing plans for cooperative
ownership in the apartment field will
be central subject of the associa-
tons study.
The plan of ownership of apart
ment buildings by group of people
living in the buildings is already
thirty years old in New York. has
been practiced ten years in Chicago,
Is widely used in Washington, ID. G..
and is coming into use in every large
city OF the country and in some of
tho smaller cities. an examination of
n" extent of such use just made by
the mortgage and finance division of
the National Association of Real Es-
tate Boards shows.
The plan has been in use in Europe
Tor centuries. the division study finds.
Is Sound Economically.
Economy of operation combined
with the apartment dwellerS tradi-
tional freedom from "choreS" is max
ing the own-y -your-own-a apartment
idea a useful solution of the housing
problem for many city dwellerS, the
division states. Experience Of the
workings of the plan by which ten
ants become their own landlords has
proven not only d way to meet real
human need in, home finding, but a
method of ownership economically
sound the report emphasizes.
Cost OF d desirable place to live
is cut by almost one-half through
the cooperative method Of apart
ment ownership. the division reports.
fWenty to forty per cent of rental
expense is saved by the plan. Saw
lngs. it is pointed out. are due to
the fact that tenant ownership elm
mates the following:
!. Losses from vacant apartments
2. Losses from uncollectable rents
j. Expense of management, adver-
tising. etc.
4. Cost of excessive decorating and
repairs demanded by tenants.
D. lsenairS made necessary b. fire.
quent shifting of tenants.
IN addition to saving the costs of
felloW renters cccentricities shifted
by the landlord on to the rent bill.
the owner of a comparatively oper-
ated apartment saves any profit
which the owner of a rented build
ing would make on his investment
the report adds
And if the home owner whose home
is built under one roof with the
homes of other families wants to