District of Columbia-Continued Bannockburn Cooperators, Inc., 1129 Vermont Avenue NW., Washington 25 Veterans Co-op Housing Association, Naylor Gardens, Thirtieth and Naylor Florida-Belle Glade: Non-Profit Cooperative Home Building Association, G. A.Hubbell, trustee Georgia-Clarksville: Macedonia Cooperative Community Illinois : Chicago: Chicago Cooperative Housing Society, care of Benjamin Ciani, 918 Lytle Cooperative Residences Douglas Park Cooperative Apartments, 1641 South California Avenue, Evergreen Cooperative, Inc., 5648 Harper Avenue, Chicago 37 Frederick Douglas Cooperative Apartments, 6209 Indiana Avenue, Chicago 37 Garfield Park Cooperative Home and Community Planning Association, 1253 North La Salle Street, Lex-Lawn Cooperative Apartments, 3648 Lexington Street, Chicago 24 Evanston: Gibraltar Consumers Cooperative, 2031 Dodge Avenue Lake Villa Lake County Cooperative Homes, Inc. Waukegan Waukegan Co-op Housing Association, 695 McAlister Avenue Indiana: Indianapolis: Planner House Homes, Inc., 333 West Sixteenth Street, Indianapolis 2 Lafayette Lafayette Cooperative Homes, care of San Perlis, Department of Mathematics, Purdue University Mishawaka Veterans Homes of Mishawaka, Inc., 2333 North Main Street South Bend: Beacon Heights Mutual Housing Association Edison Park, Inc., 230 West Washington Walnut Grove Mutual Housing Corp., 2717 Woodmere Lane Vincennes: Deshee Farm, Inc. Kansas-Wichita Wichita Housing Association Kentucky Louisville: Fincastle Heights Mutual Ownership Corp., 35 Fincastle Road, Louisville 4 Louisiana: Lake Providence: East Carroll Parish Farmstead Association Maryland-Greenbelt: Greenbelt Mutual Housing Association Massachusetts-Boston: Co-op Housing Association of Greater Boston, 1430 Massachusetts Avenue Michigan: Center Line: Kramer Homes Acquisition Committee, care of C. H. Lindow, 8508 Nathan Hale Dearborn Homes Associated, care of Mark Hensen Detroit: Cooperative Homesteads, care of Gale Randall, 477 West Alexandrine Riverside Homes, Inc., care of Denal Monson, 90 Arden Park, Detroit 2 Rock Rock Cooperative Co., Box 267 Royal Oak: Cooperative Homesteads, Inc., Route No. 4, Box 879 Wayne: Norwayne Association Minnesota: Circle Pines: Circle Pines Development Corp. Minneapolis: Cooperative Housing Association of Minneapolis, care of Stanley Erickson, 3247 Benjamin Street NE. St. Paul: AVC Housing Committee, 417 New York Building Cooperative Housing Association of St. Paul, care of J. B. Devine, 533 Mississippi: Cleveland: Bolivar Homestead Corp., Box 591 Swan Lake: Tallahatchie Cooperative Leasing Association New Jersey: Audobon Park: Audobon Mutual Housing Corp. Linden: Winfield Mutual Housing Corp., Winfield Park New Brunswick: Veterans Building Cooperative, 457 Hamilton Street. New York: Bronx: Amalgamated Cooperative Apartments, 80 Van Cortland Park South, Farband Housing Corp., 2925 Matthews Avenue Bay View Home Association, 671 Forty-seventh Street Corner View Association, Inc., 4401-4407 Fourth Avenue Finnish Home Building Association, 816-826 Forty-third Street 466 Forty-ninth Street Club, 466 Forty-ninth Street Hillside Association, 566 Forty-fourth Street Hilltop Association, Inc., 4404 Sixth Avenue Linden Heights Association, Inc., 702-712 Forty-fifth Street Parks Slope Homes, Inc., 521 Forty-first Street Pleasant View Association, Inc., 574 Forty-fourth Street Riverside Homes Association, Inc., 673-683 Forty-first Street Sunset View Association, Inc., 605 and 611 Forty-first Street New York: Amalgamated Dwellings, Inc., 504 Gerard Street Beekman Hill Cooperative Association, Inc., 343 East Fiftieth Street Cooperative Housing Corporation, 111 East Fifty-sixth Street East River Cooperative Apartments, 504 Grand Street Greenwich House Cooperative Apartments, Inc., 30 Jones Street Group Homes, 201 West Eighty-eighth Street 109 West One Hundred and Forty-first Street Corp. 152-154 West One Hundred and Thirty-first Street Corp. Our Cooperative House, 433 West Twenty-first Street Sky View Acres Homestead Co-op, care of James Best, 564 West One Stockbridge Apartments, Inc., 603-605 West One Hundred and Thirty- Sunnyside Second Cooperative Housing Association, Inc., 18 East Fortyeighth Street Sydney Hillman Homes Usonia Homes-A Cooperative, Inc., 255 West Eighty-eighth Street, care of Apartment 1330 Schenectady: Westwood housing project White Plains: Veterans Cooperative Housing Association, care of Bleakeley, Pratt & Walker Rochdale Housing Cooperative, care of M. P. Bauman, 11619 Detroit Cleveland Cooperative Homes, Inc., 420 Engineers Building, Cleveland 14 Ohio-Continued Dayton: Dayton Mutual Homes, Inc., 104 Malcolm Drive, Dayton 10 Oak Park Cooperative Housing Association, care of Charles McGuerin Lorain: Lorain Veterans Housing Association, 1017 Tenth Street Pennsylvania: Feasterville: Bryn Gweled Homesteads, Gravel Hill Road Fayette County: Penn-Craft Community Glen Mills: Tanguy Homesteads, care of Robert Wilson, Rural Delivery 1 Philadelphia: American Veterans' Housing Cooperative, Inc., 1228 Locust Street, Philadelphia 7. Pittsburgh: Mutual Homes Co-op Association Texas-Dallas: Dallas Park Mutual Ownedship Corp., 100 Duncanville Avenue, Dallas 11 Utah: Ogden: Mutual Housing Association, care of Marion Wilson, K-27 Navy-Way, Washington Terrace Housing Committee, care of David W. Buttars, West Virginia-Charleston: Hill Top Park, Inc., Post Office Box 707 Crestwood: Wisconsin Cooperative Housing Association, post office, Madison, Fon du Lac: West Division Street Co-op, care of Julia Gibbons, secretary, 150 Sixth Street Milwaukee: Milwaukee Cooperative Homes, Inc., care of Alfred G. Reindl, 5070 Milwaukee Housing Authority Riverside Community Housing Cooperative Madison: Wisconsin Cooperative Housing Association, care of John Bordner, Racine Racine Cooperative Homes Association, 1526 Twelfth Street Washington-Seattle: Seattle Cooperative Housing Association, care of Addison Hawaii Honolulu: Veterans Village, care of Honolulu Consumers Cooperative Alaska-Palmer: Matanuska Valley Farmers Cooperative Association Arecibe Cooperative De Hogares, care of Jaime Veras, Box 11 Rio Piedras: Associacion Cooperativa el Falansterie, care of Mrs. Aida Perez, department of economics, University of Puerto Rico Nova Scotia-Tompkinsville: Arnold Cooperative Housing Corp. Mr. DEANE. Why would a family apply for a present FHA-type loan on a single house if they could join a cooperative and get cheaper financing? Mr. BRYANT. That is a very good question and should be answered clearly. My feeling is, and I think you would agree, that Americans are noted for wanting to get ahead in the world and to do things better and that, if a man can afford a twelve- or fifteen- or twenty-thousanddollar house, the chances are very small that he would want to live in an $8,000 house. If there are a few higher-income families who are part of a cooperative because they are members of the same lodge or group, that would strenghten the cooperative and help provide leadership, so I would be opposed to it, but I really see no element of competition. Cooperative housing will find its own level. Mr. DEANE. In setting up these cooperatives in smaller communities, what do you think should be a sound reserve structure? Mr. BRYANT. We have talked about less risk in these cooperatives, and I included in my thinking that there should definitely be reserves set up by the cooperatives. This should be set up by agreement between the Administrator and the cooperative. There should be a vacancy loss reserve of half a percent, collection reserve of half percent, and advance payment by the members of the cooperative, so that after the first 3 years, perhaps, they would have as much as 3 months payments ahead as a cushion, so if individual members became ill or unemployed the corporation could meet its obligations. It would have more strength than individual members and therefore could have lower financing. Mr. DEANE. Do you conceive that this type of program will be attractive in the rural or small urban areas? Mr. BRYANT. Yes; I know of one very nice little cooperative at Campbell in California that left a 2-acre park in a small section and a space for store in addition to the 80 lots for houses. Such an element of community planning is possible in large or small numbers. I would like to mention that in New Mexico there was a cooperative in the last few years which built houses for their members on scattered sites. They were a construction cooperative rather than a land-planning cooperative. The members bought their own lots; and, according to the report I was reading recently, there was some saving in the actual construction. Mr. DEANE. From your experience, do you not think there will be more single-unit cooperatives? Mr. BRYANT. Yes; I think that that should be made very clear to everyone considering this, that the type of unit should be appropriate to the size of the town and the area, that there is no preconceived notion that these all have to be 13-story apartments. Mr. DEANE. Is the publication you mentioned available for study before it is printed? Mr. BRYANT. This study on redevelopment? Mr. DEANE. Yes. Mr. BRYANT. I think I can get another copy. This is the only copy I have, but it points out very sharply the relation between redevelopment and this cooperative procedure. It seems probable, I feel, that redevelopment will be blocked in most cities unless you can give an answer to these average wage earners who want to own their own homes or live in a fairly average apartment. Unless you have some tool for working with them, you cannot move the whole thing. Mr. DEANE. Mr. Chairman, not with the idea of inserting the publication in the record, but I wonder if the gentleman would be willing to leave it with the clerk for such reference that might assist in the report on this bill? Mr. HAYS. Can you supply that? Mr. BRYANT. Yes; but since it is 300 pages in length it should not go in the record. Mrs. WOODHOUSE. This cooperative project in New Mexico, how widely scattered were those? Mr. BRYANT. In the same town. Mrs. WOODHOUSE. Yes, but I mean were they all within the same block or two blocks? Mr. BRYANT. No; they were scattered about the town. Mrs. WOODHOUSE. The other question I wanted to ask you-one of the difficulties of home ownership is our mobility. We build a house, 61731-50 and selling it to the market we are likely to take a loss. On this cooperative arrangement it would be possible for a family to buy; if they had to leave, would the cooperative not guarantee to buy it? Mr. BRYANT. No. Mrs. WOODHOUSE. There is no guaranty there, is there? Mr. BRYANT. In my book I propose the management and financial structure for such an occupant-owned project. In studying a lot of cooperatives, it seems to me that the corporation must have the option to repurchase at the price paid to prevent speculation but cannot guarantee to repay that full price because of the changes in our whole economy. If 10 or 20 percent of the members have to move for some reason and all wanted to sell at the same time, the corporation might go bankrupt. There should be a clause in there that it has the option to buy, but if the market has changed so that the value of that property is 10 or 20 percent less than the book value, then the member can only put his leasehold on the market for what it would bring. Otherwise there is a danger of wrecking the corporation. Mrs. WOODHOUSE. I was not thinking at selling his actual investment. That would be putting him on a par with the steel companies as to their prices, but I was thinking of a sale. There has been some semicooperative arrangements between university faculties and colleges whereby, if the professor leaves, his house is bought back by the college at a current, assessed fair price, and I wonder if anything like that could be done. Mr. BRYANT. Some cooperatives have written into their bylaws such a provision-that in case the corporation does not choose to buy at book value then there can be an appraisal to arrive at a fair market value. Mrs. WOODHOUSE. Thank you. Mr. HAYS. Mr. McKinnon. Mr. MCKINNON. Mr. Bryant and I have already talked. I think he knows my basic question. I do not think there is much use repeating it here. Mr. BRYANT. I tried to go into it in my statement. Mr. MCKINNON. I certainly appreciate your testimony. I think you made a very clear, concise case, Mr. Bryant. You feel pretty definitely that the cooperatives will not get a fair break or trial unless the agency is a separate part of the Housing Agency? Mr. BRYANT. No law can guarantee good administration and that depends on the actual personnel selected, of course. They must want to make the program work and it appears to all the public interest organizations-I believe I can say all-at this point that there is a better chance for conscientious, devoted leadership in a separate agency, rather than having it integrated with all of the legal and fiscal and other staff of the present organization, which, in fact, has not shown any inclination to make this thing work. Mr. MULTER. I cannot go along with you on that statement. That may be so in certain areas, but I know it is definitely not so in other areas. Mr. BRYANT. There may be areas, there are areas, I know, where several of these projects have gotten through FHA, but I could list several dozen for you and have seen the correspondence which would make extremely unpleasant reading in your minutes, which I think is fact. |