Word: tenants
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...Cambridge tenant. He is in his late twenties and has lived in a rent controlled apartment for the past five years. His salary is $17,500. Last Saturday he received a note in the mail stating that his apartment had been converted into a condominium. What should he do? Should he buy? Fight? Move...
...home ownership. The average price of a one-bedroom condominium in Cambridge is $28,000-$35,000. Joe will only need $6,000-$7,000 as a deposit. He may also be able to obtain a low interest purchase money mortgage from his landlord, or since Joe is a tenant in the building there is a good chance that he will receive a significant discount in the purchase price of his unit. The average monthly costs for owning a condominium similar to Joe's would amount to approximately $475 per month. Joe will also benefit on tax deductions...
Condominium ownership is a progressive form of ownership. How often in the past have we heard cries from tenant groups and politicians about absentee landlords? Condominium conversion eliminates this problem. Through condominium conversion the tenants and others of low and middle income are allowed to purchase property in quality locations which otherwise would be impossible due to prohibitive costs. Condominium ownership offers many Americans their only hope of home ownership. And, because many thousands of dollars are spent on renovations in converting property, condominiums have a positive influence on the city...
When I first began to do condominium conversion in the early 70s and before any attempt by the City Council to regulate conversions, I helped develop a plan to allow elderly tenants to purchase units for a total monthly cost similar to the rent at the time the person purchased the unit. Elderly people would be granted purchase money mortgages at extremely low and flexible interest rates. If the tenant wished to remain but did not want to purchase the unit, the unit could be sold to a third party, but only with the condition that the elderly person could...
...nearly deserted apartment building. Cohen said, "This is beginning to look a little like an office building. It's kind of nice, though--there's no tenant noise or anything...