interest upon the sum invested.
A portion of the land purchased by the Association not having been occupied
by the two houses already described, it was determined to erect a third
house upon it, of a somewhat superior character, for a class just above the
line of actual poverty, but often forced by circumstances into unhealthy
and uncomfortable homes. This was accordingly done, at a cost, including
the land, of about $26,000. The house, of which the plan is well worthy of
imitation, contains a shop and nine tenements. These tenements, which form
not only comfortable, but agreeable homes, are rented at from two to three
hundred dollars a year, and the gross income derived from the building is
about $2,500.
During the five years since the first occupation of the houses no loss of
rents has occurred. For the most part, the rent has been paid not only
punctually, but with satisfaction, and the expressions which have been
received of the content of the occupants of the tenements have been of the
most gratifying sort. The houses, as we know from personal inspection, are
now in a state of excellent repair, and show no signs of carelessness or
neglect on the part of their occupants. Few private houses would have a
fresher and neater aspect after so long occupancy. The tenants have been,
with few exceptions, Americans by birth, and they have taken pains to keep
up the character of their dwellings.
One of the Trustees of the Association, a gentleman to whose good judgment
and constant oversight, as well as to his sympathetic kindness tor the
occupants of the houses and interest in their affairs, much of the success
of this experiment is due, says, in a letter from which we are permitted to
quote,--"From my experience in the management of this kind of property, I
believe that it may in all cases with proper care be made _safe and
permanent for investment_.
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