Amalgamated Housing Cooperative in the Bronx, established in 1927, was the first limited equity cooperative in the United States, primarily housing Jewish union members. The development was made possible through state legislation, public subsidies, and union support. Ed Yaker, a long-time resident, recalls a vibrant community and the complex's history, which includes multiple buildings constructed over several years. Current residents pay relatively affordable rates for their apartments, supported by ongoing state regulations overseeing financing and monthly carrying costs.
Amalgamated was the first limited equity cooperative in the US. The first families, almost entirely Jewish union members, moved into their homes in 1927, leaving tenements on the lower east side or in the Bronx to become urban pioneers.
State legislation, public subsidies and union muscle, political and otherwise, made the development possible. The state continues to regulate both the amount of capital investment, borrowed or saved, that cooperators use to purchase an apartment, and their monthly carrying costs.
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