Box 5, Folder 11, Document 107

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Box 5, Folder 11, Document 107

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LIVE CARE-FREE ... M~INTENANCE FREE!!
AH this is yours in a ... LONDON TOWNE HOUSE
ATTRACTIVE EXTERIORS ... Your London Towne House and those of
your n~igbbors will always look attractive and well-kept-with a minimum of time
and attention. The exteriors are of aluminum siding and face brick . .. exterior
d!llots are protected by aluminum screen doors ... patios have side privacy fences.
BEAUTIFUL GROUNDS ... When you move into your Towne House, you
move into a completely landscaped home. And what a wonderful place for children!
-with safe, fully equipped play areas provided. All streets are paved .. . with
curbs and gutters ... and ample privat , lighted, off-street paved parking areas
serve residents and guests.
DELIGHTFU INTERIORS ... Inside each Towne House are a host of desirable custom-type features. Here's everything you've always wanted in a home-
BED.ROOM .. . Peaceful sleep is assured in every bedroom because extra
care was taken to Sound Condition the walls of your town house.
The huge master bedroom is typical of the spaciousness you will find
throughout.
furniture finished wood kitchen cabinets with formica counter tops; full size Hotpoint refrigerator and luxurious Sunray double oven tri-level gas range; hardwood
and parquet flooring throughout; exhaust fan in kitchen . .. some models with extra
half baths; twin round sinks set in six-foot marble type vanities with plate glass
mirrors in the bathrooms; foldfag closet doors; copper plumbing; some with full
basements; balconies; and gas forced warm air heat.
NO ADDITIONAL MAINTENANCE EXPENSES .. . You save money living
at London Towne Houses because your home, except for interior redecorating and
any improvements you may decide to install yourself, is maintained for you with
all costs included in your low regular monthly payment. And all plumbing. heating,
electrical equipment and appliances supplied with your home are repaired and
when necessary replaced for you at no extra cost.
BATH . . . With such features as a marble top vanity with twin sinks,
the classic richness of dram atical ! styled bathrooms will bring sighs
of delight from admiring guests .
KITCHEN ... Start with a giant Hotpaint refrigerator, add o beautiful
color coordinated tri level oven and range, mix artfully with beautifully
grained hand rubbed wood cobinets and you have the perfect recipe
for the most ultra modern kitchen ever designed!
�Lon on owne
Live Like Never Before In A Honie of Your Own
. Cooperative housing has spread rapidly across the nation because it provides more luxurious living than a single family can afford by themselves.
Year 'round maintenance is covered in your monthly payments. Such tireson:ie chores as lawn and shrub care, plumbing, h ating and electrical repairs,
mamt~nance of all community areas are taken care of for you by the cooperative management.
Living in a London Towne House is a new carefree living experience. But
now, you may wonder, in this era of rising prices, can a family find so much
luxury at so little cost?
ouses
The answers lie in three important categories.
1. "Volume Buying" . . . made possible through cooperative
home owAership purchasing power.
2. "Land Utilization" . . . in Townhouse living arrangements, expensive property is utilized to its fullest extent.
3. "Low Interest Rates" ... especially designed for this
program.
You don't have to be a millionaire to live like one. If you can qualify
make the smart move into a London Towne House. London Towne Houses
are located in a fine residential area near Gordon Road just off Boulder Park
Drive and Brownlee Road.
LONDON TOWNE HOUSES Ideally Located
Churches of many denominations are
convenient to Cooperative residents.
Nearby are Shaw Temple (A.M.E. Zion),
Union Baptist Church, St. Paul of the
Cross Catholic Church, Jackson Memorial Baptist Church, Radcliff United
Presbyterian Church, Southwest Christian Church, and Berean Seventh-Day
Adventist Church.
Several shopping centers and late hour
convenient curb stores are located
nearby to provide residents of London
Towne Houses with all the services and
necessities for comfortable living.
Downtown Atlanta employment and
shopping is also only minutes away
via the Interstate 20 Expressway.
London Towne Houses is near a number of city and private schools for
children of all ages. West Haven,
Margaret Fain and West Manor Elementary Schools, as well as Harper
High and South West High are easily
accessible to the London Towne Houses
location. Under construction are the
new Peyton Forest Elementary and
Simpson-Hightower High Schools.
Within a few miles of London Towne
Houses residents may enjoy a variety
of recreational activities including
tennis, golf, baseball, swimming and
picnicking. Mozley Park, West Manor
Recreational Center, Adamsville Community Building, and Washington Park
Tennis Center are presently serving
this area. Two new Parks to be loca ted
on Peyton Road and Collier Road are
scheduled in the near future. For those
golfing enthusiasts the Adams Park
Golf Course (18 hole) is just four miles
away.
��COMPARE THE ADVANTAGES OF MODERN COOPERATIVE LIVING AT
London Towne Houses
LONDON TOWNE HOUSES
IF YOU RENT FROM
A LANDLORD
COOPERATIVE PLAN
IF YOU OWN AN
INDIVIDUAL HOUSE
MONTHLY
COST
Your monthly payments are amazingly low.
You pay only actual costs.
Your la ndlord charges as much as he can get.
Individual buying means higher monthly cost
to you.
TOTAL
COST
Costs are cut to the bone; longest mortgage
term, special low interest rate, controlled builder
fee, no closing costs .
Your rent includes high cost of commercial
construction, financing, and landlord's profit!
Individual mortgages have higher payments,
higher interest rate, uncontrolled profits, substantial closing costs.
OWNERSHIP
The residents are the sole owners of the property. You occupy the towne house of your
choice as long as you wish .
You own nothing ( except a pile of rent
receipts).
You own-and are completely responsible and
liable fo r -your house.
LIABILITY
You have no personal liability on a mortgage or
note.
You have no personal liability.
You are personally liable for the mortgage and
note.
MAINTENANCE
Your cooperative takes care of your towne
house inside and out ( except for redecorating).
You have no control over maintenance standards .
You ar~ full y responsible for all costly repairs
and mamtenance.
MANAGEMENT
E~ch co-op family has one vote in election of
directors. Business affairs are handled by a
professional management firm .
You h ave no voice whatever in the management or policy.
You alone are completely responsible for all
decisions ... and mistakes.
COMMUNITY
CONTROL
You help establish policy, rules and standards
for your community.
You have no control.
You have no jurisdiction except in court at your
expense.
IF YOU HAVE
TO MOVE
You give 60 days notice. Your co-op will purchase your membership, or sell it for you, for a
small fee to cover overhead expense.
You are bound by the lease drawn up by the
land lord.
You must sell your house yourself and pay large
brokerage fees.
EQUITY
The value of your membership increases under
an equity formula written into your co-op bylaws.
You can m ake improvements in your towne
house and garden area and get credit for them
on resale.
You deduct from your income tax report everything paid for interest and real estate taxesalmost two-thirds of all you pay. For the average member this deduction will make possible
a savings of about $ 1O per month if you itemize your deductions.
You ga in no equity.
Whether you realize any equity depends on
market factors beyond your control.
Any improvements you are allowed to make
belong to your landlord.
Same as co-op.
You get no income tax benefit.
Same as co-op. ·
IMPROVEMENTS
TAX BENEFIT
.
..•
CAPITAL GAINS
If you sell a house and then buy a co-op memhership, you obtain the capital gains deferment
benefit.
You must pay the full capital gains tax.
Same as co-operative homeowner.
REPLACEMENTS
Money is waiting in the bank in your reserve
funds to replace items as they wear out.
The landlord decides when, and if, to make
replacements.
Yo:.i have to foot the bill for replacements.
�WHERE YOUR MONEY GOES ...
Each penny in your monthly payment
Your Exclusive
London Towne Houses
Community· Club House
is carefully allocated to provide you
with the finest housing at the lowest
possible cost . . . all on a non-profit
basis. Your monthly payment covers
all expenses and reserve funds . . .
there is nothing else to pay and a subtantial portion is tax-deductible.
special purpose rooms there is also a convenient
coin operated laundry as well as a main lounge
and kitchen. Serving as the focal point for
social life and Community activities your London Towne Houses Club House will provide
many hours of enjoyment.
The London Towne Houses Community Clubhouse and recreation center is available for
you and your guests to enjoy various activities
planned throughout the year. The Club House
building contains the London Towne House
Cooperative office and in addition to various


Mortgage Interest ____________________43 %

Real Estate Taxes ____________________ 16 %


Mortgage Principal __________________ 19 %
Maintenance ____________________________ l 2 %
Reserve Funds ________________________ _s %
WCOHY
Administration __________________________ 5 %
Landlord's profit _____________________0 %
100 %
COOPERATIVE
COIN
LAUNDRY


tax deductible items


15 °x 19' '
COMMUNITY
I
MEETING
RECREATION
HALL

I
38'x 19'
I
COOPERATIV E
12·x 12'
MANAGEMENT
OFFICES
u 'x 12'
LOBBY
MEETING
13'x 12'
ROOM
CLUB
ROOM
13'x 12'
....
PORCH
--
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-
reprinted from t he Internal Re venue Service
Official Instr uctions
�LONDON TOWNE HOUSES WILL BE A COMMUNITY, OWNED AND
OPERATED BY THE PEOPLE WHO LIVE THERE.
N
I
These questions and answers tell how it works.
WHAT IS A HOUSING COOPERATIVE?
A cooperative is a business owned by the people who use
it. You may belong to other co-operatives, such as credit
union or mutual insurance company.
Each member of London Towne Houses has an equal vote
in the cooperative corporation which holds title to the
property. A Board of Directors is elected by and from the
residents. The Board establishes standards to keep the
community a pleasant place in which to live.
IS IT LIKE RENTING?
Yes, in terms of convenience. You make one payment a
month - easy as rent _ without worrying about insurance, taxes, mortgage payments or mainten ance.
It's luxury living without a landlord, therefore, cooperative
<a
living is better than renting in many ways.
23
22
IS IT LIKE OWNING A HOUSE?
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
SCHOOLS
West Haven Elem. School
Margaret Fain Elem. School
West Ma nor Elem. School
Harper High School
Southwest High School
St. Paul of the Cross Elem. School
Haugabrooks Academy Elem. School
Blayton Business College
CHURCHES
Shaw Temple (A.M.E. Zion)
Union Baptist Church
St. Paul of the Cross Catholic Church
Jackson Memorial Baptist Church
Radcliffe United Presbyterian Church
16.
17.
18.
19.
20.
21.
22.
23.
24.
25.
SHOPPING, RECREATION &
COMMUNITY SERVICES
Gordon Plaza Shopping Center
Adamsville Shopping Center
Mozley Park
West Manor Recreation Center
Adamsville Community Bldg.
Washington Park Tennis Center
Adams Park Golf Course
John A. White Golf Course
Greenbriar Shopping Center
Holy Family Hospital
FCH SERVICES . I NC.
- - Cooperative Representatives and Sales Agents
Telephone 758-0811
~
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PLUS, your accumulated equity, in accordance with an
equity increase table written into your cooperative by-laws .
WHO MAINTAINS THE PROPERTY?
The Board of Directors sets maintenance standards and
retains a professional property management firm to supervise the maintenance staff. Except for interior redecorating
to your own taste, your home is maintained for you.
Complete exterior care includes structural repairs, lawn and
shrubbery care, trash removal and outside painting.
Major interior repairs include routine handyman work ,
maintenance of plumbing and electrical systems, and structural repairs and replacements.
Appliance repair, maintenance and replacement-for all
appliances furnished with your home.
Yes , in many ways.
14. Southwest Christian Church
15. Berean Seventh-Day Adventist Church
~
• -
If you move from London Towne Houses, the cooperative
has first option to purchase your membership. You receive :
Your membership deposit (less any obligation you owe the
cooperative) plus the value of authorized improvements.
I

, •
( • '~
An individual owner . has to be a handyman, and has to
foot the bill for repairs but at London Towne Houses your
fi'o me is taken ca,re of for you, except for redecorating.
An individual owner is personally liable for hi s mortgage
while at London Towne Hou ses you have NO personal
liability for the cooperative's mortgage.
It's expensive and time-consuming to sell an individual
hou se, if you can find a buyer. Broker's fees and other costs
often run 10 percent of the sale price. At London Towne
Hou ses, you give notice if you want to move, and a modest
resale charge is all you pay.
CAN I BUILD AN EQUITY?
YES! At London Towne Houses-your membership does
regu larly increase in valu e.
WHO OWNS THE CLUB HOUSE?
The London Club House is owned exclusively by the residents of the development for use by them and their guests.
Every cooperative member is automatically entitled to the
use of all facilities in accordance with cooperative rules.
HOW CAN I BECOME A MEMBER?
Simpl y fill out an application at the London Towne Houses
information center.
A refu nd able deposit of $ 135.00 wi ll reserve the home of
your choice. A non-refundable process fee of $ 10.00 is
paid with each application. Each applicant mu st meet credit
req uirements of the Federal Housing Admi nistration.
When you move in, you make your first monthly payment.
,'ft
Built by: THE DIAMOND & KA YE BUILDING CO.

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