Mr. CAMPBELL. The FHA people have to say under the law, "These are all cooperatives." We can help you identify those. (The information referred to follows:) do Whitestone 012-30003 012-30004 012-30005 012-30006 012-30008 012-30009 ..do. 012-30010 012-30016 012-30017 do.. Booker T. Homes, Sec. IV. Shepard Gardens. Harry Silver Housing Co. 595, 200 251, 700 97, 200 200, 600 3, 002, 000 2,637, 200 396 396 Mitchell Gardens No. 3.. 012-30041 012-30042 012-30043 012-30044 012-30045 **012-30046 do 012-30048 do. Fillmore Gardens. Hilltop Village, Sec. 1. Sec. 213, cooperative housing—Continued INSURED PROJECTS-SALES TYPE (181 PROJECTS)-Continued 170-30001 Long Beach. Lakewood Park Mutual Homes No. 1.. Project Sec. 213, cooperative housing—Continued INSURED PROJECTS-SALES TYPE (181 PROJECTS)-Continued Fairlawn Properties, Inc.. California-Continued Carson Park Mutual Homes No. 23. Kentucky: 083-30003 Louisville. Community Homes, Inc. 787,500 059-30023 ..do. 17 Michigan: Nebraska: Charleston Park Mutual Homes No. 1. 231, 800 19 231, 800 19 229, 900 19 233, 700 19 233, 700 19 229, 900 19 229,900 19 233, 700 19 227,800 19 227, 550 19 Project Sec. 213, cooperative housing-Continued INSURED PROJECTS-SALES TYPE (181 PROJECTS)—Continued Willamette Heights.. 081-30016 Memphis NOTE.-Projects without asterisk are those initiated by builder-sponsor (267). Projects with 1 asterisk are those initiated by the consumers (19). Projects with 2 asterisks are those initiated jointly by consumers and builder-sponsor (6). A total of 292. Senator CAPEHART. I think the record will prove from our investigation—if I am wrong I want somebody to correct me and I want the record to be corrected-that it was just a scheme used by certain people to build under section 213, which has better terms, et cetera, than any of the other titles. That they made large profits which they themselves kept, and then the people to whom they sold these individual units were no better off than they would have been if they had bought them from some other contractor that built an apartment building or built individual houses. Mr. CAMPBELL. With this one exception: That is, that when they bought them, this became an owned project. It gave the people the ownership of this project on a reasonable basis. Senator CAPEHART. When they buy any house Mr. CAMPBELL. Well, they could not have bought these same units at that same price. Senator CAPEHART. That is the point. Mr. CAMPBELL. I am not here to defend the big Lakewood project out in Long Beach, Calif. It is one of the biggest projects that has been built. In our terms Senator CAPEHART. There was a case I think where they made a lot of windfall profit, and then the investors' syndicate in Minneapolis financed it and entered into an agreement with them. Mr. CAMPBELL. In this particular case we would not find a "cooperator"-in our terms-in a thousand out there. That is, anybody who went into it because they believed in the cooperative movement, so to speak. Senator CAPEHART. I am glad you are Mr. CAMPBELL. The builder there, under this particular program, as far as we can find out, was not a racketeer. He was a sharp, shrewd, hard-headed builder. He found that these terms were better for him than any other terms, and he built under this instead of building under 203 or 608 or something else. But the consumers in those homes got |