Evening star., 1933-05-13
GROUP OWNERSHIP
HELD RECOVERY AID
Architects Rehabilitation
Survey Says Values Can
Be Restored.

Debated real estate values VIII be
restored and slum clearance furthered
by a cooperative program Of group
ownership, Arthur C. Holden Of the
New York Chapter of the American In
stitute of Architects, declares IN
rehabilitation study reported to the
institute this week.
Calling for immediate action, Mr..
Holden proposes that an advisory board
composed Of architects and other quail
fled housing experts be formed to map
such eligible Improvement" areas as
are proposed by State and municipal
authorities. The validity Of the need
within each area and tentative sched-
ule for the distribution Of available
funds also should be decided by the
board. he adds.
"Group ownership" says Mr. Holden,
"can conserve the fading interests OF
deSpairing property owners. They have
thing and to make certain that the
necessary details will be worked out"
R. C. Assistance Delayed.
Assistance from the Reconstruction
Finance Corporation to housing projects,
he explains, has been delayed because
Of the absence Of satisfactory method
Of procedure. He believes property
owners. banded together to carry out a
areas, will satisfy the corporations re-
Quirements.
An eight block census tract would be
utilized as the unit for improvement. in
stead Of an individual plot, under Mr..
Holdens proposal to wipe out sluns.
A detailed economic analysis of the
property would be conducted. In which
all the factors governing the value OF
individual holdings would be expressed
in terms OF percentages OF the whole.
Each owner then would be given an
equity trust certificate to establish his
participation in the whole project.
"It Is possible" Mr.. Holden asserts,
'to be absolutely fair. Proportionate
shares can be determined by economic
analysis. Where groups OF owners put
themselves in such position, 1t will be
possible for them to utilize the great
credits now available for housing with
out the fear Of disastrous dislocations
In real estate"
Sees Hope Of Recovery.
Mr. Holden declares his program will
enable property owners to use credit OF
the Reconstruction Finance Corporation
to rehabilitate distressed" real estate
In way that will not bring economic
chaos, but raise us out OF our present
condition and start us on the road to
Self-respecting recovery"
He maintains that low rents cannot
be provided If much capital must be
paid out for hand and that the dual
purpose of the Reconstruction Finance
Corporation in housing-to provide work
and to eradicate slumS-can be served
only by apportioning funds to rebuild
definitely mapped areas.
Credits and other forms OF Govern
ment aid should be used only when
property owners cooperate to achieve
. social end" he recommends This
means that If the district can cooper
ate it will get credits for its use; If not,
credits will be placed elsewhere. A
method can be worked out for the ad-
miniStration Of property In an improved
area so that unfair advantages will not
accrue to certain owners while at the
same time harm is done to the interests
Of other owners"
Liberalization Urged.
Liberalization of present mortgage
procedure and better cooperation be-
tween property owners and mortgage
holders are urged by Mr. Holden. He
points out the weakening" of the active
sales market for real estate has caused
the mortgage holder to hesitate to take
over property and that frequently the
mortgagor is granted temporary reduc-
tions in the obligation.