Let’s Learn about Housing Co-operatives
“Theses societies cut back costs by purchasing building material in bulk and so are popular among poor families.”
It’s a worldwide fact that people who fall low in the income group find it extremely difficult to construct or purchase a decent house for themselves. Here the role of housing co-operative societies comes into play. These have been established in many nations of the world and are of different types.Some societies construct houses and give them on a little rent to the members. The members do not become the owners but the rent is small. These societies are not much popular because the sense of ownership is not satisfied in this way.
The second types of societies acquire land and give the plots to their members for constructing houses themselves. The societies also arrange loans for their members from financial institutions and government agencies. Loans are given in advance against the security of the houses. These types of societies are popular in most of the places.
The third types of societies acquire land and construct houses themselves. The constructed houses are handed over to the members who pay the price in easy installments. These installments are spread over a sufficiently longer period of time. Theses societies cut back costs by purchasing building material in bulk. These societies are popular among poor families.
In addition to housing co-operatives, many government agencies like state housing boards help economically weaker sections of society in owing their houses and allow them to pay the price in easy installments.
In fact, these days there is an awakening as regards the elevated standards of living and governments (especially in the developing countries) feel national shame when they see that vivid pictures of their slums are being propagated worldwide. This is considered to be a factor that tends to exhaust their vote bank.
Previously the economic policies of developing countries were more concentrated on fighting with plagues, droughts, floods and so on. But these days priority is given to the fulfillment of basic needs of the people.
It is now understood that the people are the human resources of any country and the weak economic condition of common people affects adversely the standing of any country in this highly competitive world. Housing co-operatives are a step towards raising the standards of living of under-privileged sections of society.
Author - DeeKay
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