The Washington times., 1928-12-22
STANDARDS Sc |
IN BUILDING
PROJECTS

Provisions which must be included
IN the general plan Of q cooperative
apartment project before it win be
certified to the public as meeting
the standards established by the
cooperative apartment division Of
the National Association Of Real
Estate Boards are outlined In 9
statement Of minimum requirements
which has been adopted by the
divisions.
The requirements, specifically list
lnR the safeguards for the pur-
chaser of q cooperative building
unit which have been found Dy
experience OF the membership OF Lne
division to be essential, become, Dy
action Of the executive commIttee'
the official mininna Of the consuita'
fion bureau recently put into opera
ton BY the division.
In addition TO its speclIlc use -
the official n1inima Of the DIVISION
consultation bureau the statement
af essentials which will be put IN
ne hands OF every member OF tns
division. Ii expected to become IN
erect 4 common law for projects
financed through the tenant-oWner-
ship plan.
The Service Of the Bureau
The consultation bureau is con-
Quoted to protect the purchasins
public by making available the best
experience and opinion on cooper
alive building projects to anyone
who may seek it The services oI
the bureau are rendered through
consultation committee assisted py
competent legal and architectural
counsel. through a written report,
and the service is given on whole
projects only.
D. The opinions OF the bureaus
consultation committees and their
assisting counsel are rendered In
the form Of extensive written re-
ports which cover the feasibility and
soundness Of an cooperative build
ine project submitted. Such re-
ports will be rendered on a project
at any point in its development
from Inception to completion.
3. The certificate evidencing the
opinion of the consultation com
Tnittee may be issued by the con-
sultation bureau at its discretion.
The certificate is in no manner to
be interpreted as an appraisal or
an opinion of monetary value. The
issuance OF q certificate mea y that
the consultation bureau believes that
the develoment Is legally in order.
feasible and well planned.
The Standards Required
I. The architeeture and construc-
tion IN approved projects mast lie
adequate IN view OF the aceomnlc-
dations intended to be afforded.
The bureau reserves the right TO
revoke any pre- reconstruction Ger.
tificate issued and give publicity to
the revocation Ii changes are made
that would cause the allegations.
set forth In the certificate to be
untrue,
,. The estimated budgets in
projects certified by the consulta-
ton buVeau must be adequate in
the opinion OF the committee for
the initial three years of operation
without assessments or additions of
any sort so far as can be ascer-
tained at the time of certification.
3. The mortgage financing shall
DC ~ arranged Inat the amOrttZa.
ton and interest charges for each
year during the period Of the loan
shall not exceed the annual amount
set forth in the budget OF the
first three years.
4. The power of the board of
directors or operation committee
to make expenditures beyond the
regularly approved budget shall be
limited to rs per cent of the actual
operation budget mot including in.
terest or amortization unless ap.
proved by three-fourths of the
stockholders.
Power Of Boards
5. IL apartments in the project
are sold previous to construction or
before the developer is able to de-
liver the building free Of liens. all
moneys paid in advance Of occu.
pancy shall be placed in the hands
of an escrowee to be dispensed by
such escrowee at the completion of
the building under form OF escrow
agreement approved by the consul.
tatfon bureau.
I