The Washington times., 1929-10-12
NATIONAL BOARD
APPROVESD D. c.
PROJECT

Hampshire Gardens, cooperative
apartment development of the
Hampshire Gardens Develop nent
Corporation, located at New Hamp.
shire Avenue and Emerson Street
has been certified by the National
Association of Real Estate Boards
through it's consultation bureau.
In brief it means that the certi-
fiCate evidences to the public that
the project in the opinion of a com.
mittee of experts officially repre-
senting the associations Co-opera-
tive apartment division meets the
standards set up by the division for
a sound cooperative apartment pro-
1eCt. This is the first individual
real estate development on the
eastern coast to be certified by the
association.
The project at present includes
one entire block spaced with nine
apartment structures containing ] ?
tenant'owned apartments. The
central core of the square is given
over to perpetually dedicated
park space which can be viewed by
practically every apartment which
has three exposures. This block is
one of many planned AS A part
of the 50.acre tract which it is ex-
pected will be eventually developed
with comparatively owned buildings
of this type.
Follows Hoover Plan
Previous to his election to the
Presidency of the United States,
Herbert Hoover as president Of the
Better Homes in America" organi-
cation made a statement to the
effect that it was possible to pro
vide homes at maximum cost OF
$3.50 per room per month. 1t was
with the bar facts of this statement
in mind that the developers of
Hampshire Gardens undertook to
find the solution. This all happened
little less than A year ago and to-
day they have attained their goal;
in fact they have exceeded their own
expectations and are able to offer
homes at A per-room cost slightly
under that mentioned by President
Hoover.
The project is highly interesting
as an application of the cooperative
ownership idea to comparatively low
cost apartment homes and 1t is with
these facts in mind that the award
was made by this group of men who
have examined in every detail the
legal forms employed, the architec-
tural plan. the financial set-up and
the plan of operation. In presenting
the certificate the committee said 1t
was their opinion that:
/. The plans and specifications for
the structure are we'll conceived In
view of the location and the type of
accommodations they are designed
to afford.
Financing Equitable
2. In regard to the financial plan
the distribution Of stock among the
various apartments is fair and equl-
table; the estimated budget is we'll
balanced and should. under ordinary
conditions, he sufficient; and the
mortgage financing, including the
principal payments thereon, is sound
and workable if carried forward as
described.
3. The bylaws and other legal
forms employed meet in general the
standards required by the National
Association of Real Estate Boards.
4. The proposed plan Of operating
the buildings when thev shall have
been completely sold i5 one which
can be used successfully.
Albert w. Swayne, of Chicago, was
chairman of the committee which
cretified the new project. Other
members of the committee were
Warner G. Baird and Frank J.
OBrien, of Chicago. Irwin A. Blietz,
chairman of the Cooperative Apart
ment Division. served as an ex
officio member of the committee.
Nathan William MacChesney, gen.
eral counsel for the National Asso-
citation of Real Estate Boards, served
as consulting attorney to the COM
mittee. Paul F.. Olson, Chicago,
acted as consulting architect