The Chronicle-star combined with the Moss Point advertiser., 1949-04-22
First Meeiinq
Of Coop Plans
Homes Purchase

sons filled the 18th Street audi
forum Friday night at the first
organizational meeting of Pasca-
port Homes, Inc, a non-profit CO.
operative which plans to pur-
chase the government : owned
homes in EastlaWn for resale to
members of the cooperative who
are occupants or prospective home
owners.
The incorporators, consisting of
]. T. Hill, Karl Wiesenburg, w.
K, Guest, Jr., o. L. Mcleod and
Louis Frederic, upon adoption of
the bylaws were elected to the
board of directors of the coop to
hold office until the annual meet
ing which is scheduled for July
18th.
Announcement was made at
the beginning of the meeting that,
as of Friday afternoon, 681 per-
sons had joined the cooperative,
zoo more than necessary under
regulations established by the
federal government for dealing
with such co-operatives. The
Mississippi secretary of states
office has also granted a charter
to the organization for the pro-
motion of civic welfare on a non
profit basis.
Plan Outlined
Following a discussion and out
line of the procedure by Mr..
Wiesenburg, the following plan
of priority for eventual sale of
the units by the cooperative was
unanimously adopted:
/. Occupants of the houses,
either veteran or non-veteran.
2. Veterans occupying one
house and desiring one occupied
by another. provided the second
occupant does not want to pur-
chase il.
g. Non-veteran occupant of one
house desiring one occupied by
another, provided the second oc-
cupant does not wish to purchase.
4. Veterans living in a govern
m~ent-owned unit but not a
Navy or permanent type struc-
ture to have priority over persons
living outside a government pro-
ject.
5. Same as No. 4 but applying
to non-veterans.
6, Duplex units will be sold to
the person occupying the duplex
the longest.
All other sales will be governed
by the length of time the pros
pective purchaser has lived in a
local government project, length
of time residing in Jackson coun-
ty, or registration number as a
member of the cooperative.
Bylaws governing the opera
ton of Paseaport Homes are those
approved and provided by the
federal government.
Prospective purchasers will be
required to make a down pay
ment of $3.50 in cash to be eligi-
BILE to buy one of the permanent
units. 1t was explained. The Pc
riod for making this down pay
ment will begin May lst and end
May 3Oth.
Plan Financing
All down payments will be de-
posted in escrow by the coop
erative, and the applicant issued
a check in the amount of the de-
post. This check can be cashed
at any time if the applicant should
change his mind concerning the
purchase but cashing of the check
will cause the applicant to lose
his priority on that particular
unit.
Three ways T planned for the
financing of the remainder of the
cost of the homes. They are as
follows:
l. The applicant to stay in the
cooperative and pay for his home
on a rental basis, with his month
ly rental less nominal mainten-
anee and interest payments, cred
tied against the balance due on
the home.
2. BY outright finance through
the state Veterans Farm and
Home Loan Board. available to
veterans of World War II.
3. BY finance through the Fed
eral Housing Administration.
II the cooperative is success
full in buying the entire project
it IS expected that the homes will
sell for considerably under the
appraisal of the Public Housing
Authority, it was explained.
AT the board of directors meet
ing. ]. T. Hill was appointed pres
ident; Louis Frederic, vice presi-
dent; Karl Wiesenburg, secretary;
o. L. Mcleod. treasurer, and two
assistant secretaries were named.
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Birds have been present on
earth since the Mesozoic era and
now comprise the most numerous