Box 5, Folder 11, Document 107

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Box 5, Folder 11, Document 107

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A FINE NEW COMMUNITY BUILT BY DIAMOND & KAYE BUILDING CO.









@ 1967 by Diamond & Kaye Building Co.


(BS EXTERIORS . . . Your London Towne House and those of |
will always look attractive and well-kept—with a minimum of time
‘The exteriors are of aluminum ian and face brick . . . exterior
ies aluminum | srcey doors . . . patios have side privacy fences.

; ue R01 JNDS .. . When you move into your Towne House, you
ari home. And what a wonderful place for ealsenl 1

play ‘areas provided, All streets are paved .

~ curbs sae gutters . a : | ample payee lighted, off-street paved parking areas

and guess.

the classic richness of drai
of delight from admiring

‘a marble top vanity with twin sinks,
au ‘styled bathrooms will bring sighs

furniture finished wood kitchen cabinets with formica counter tops; full size Hot-
point refrigerator and luxurious Sunray double oven tri-ievel gas range; hardwoad
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; folding 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 al! plumbing. heating,
electrical equipment and appliances supplied with your home are repaired and
when necessary replaced for you at no extra cost.

KITCHEN ... Start with a giant Hotpoint refrigerator, add o beautiful
color conyaineted tri level oven and range, mix artfully with beautifully
grained hand rubbed wood cabinets and you have the perfect recipe.
for the most ultra modern kitchen ever designed!




London Towne Houses

_ Cooperative housing has spread rapidly across the nation because it pro-
vides more luxurious living than a single family can afford by themselves.

Year ‘round maintenance is covered in your monthly payments. Such tire-
some chores as lawn and shrub care, plumbing, heating and electrical repairs,
maintenance of all community areas are taken care of for you by the co-
operative 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?

LONDON TOWNE HOUSES Ideally Located







The answers lie in three important categories.
1. “Volume Buying” . . . made possible through cooperative
home ownership purchasing power.
2, “Land Utilization” . . . in Townhouse living arrange-
ments, 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 Jocated in a fine residential area near Gordon Road just off Boulder Park
Drive and Brownlee Road.













Within a few miles of London Towne

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 Me-
morial Baptist Church, Radcliff United
Presbyterian Church, Southwest Chris-
tian 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 num-
ber of city and private schools for
children of all ages. West Haven,
Margaret Fain and West Manor Ele-
mentary 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.

Houses residents may enjoy a variety
of recreational activities including
tennis, golf, baseball, swimming and
picnicking. Mozley Park, West Manor
Recreational Center, Adamsville Com-
munity Building, and Washington Park
Tennis Center are presently serving
this area. Two new Parks to be located
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

MONTHLY
COST

TOTAL
COST

OWNERSHIP

LIABILITY

MAINTENANCE

MANAGEMENT

COMMUNITY
CONTROL

IF YOU HAVE
TO MOVE

EQUITY

IMPROVEMENTS

TAX BENEFIT

CAPITAL GAINS

REPLACEMENTS

London Towne Houses

LONDON TOWNE HOUSES
COOPERATIVE PLAN

Your monthly payments are amazingly low.
You pay only actual costs.

Costs are cut to the bone; longest mortgage
term, special low interest rate, controlled builder
fee, no closing costs.

The residents are the sole owners of the prop-
erty. You occupy the towne house of your
choice as long as you wish.

You have no personal liability on a mortgage or
note.

Your cooperative takes care of your towne
house inside and out (except for redecorating}.

Each co-op family has one vote in election of
directors. Business affairs are handled by a
professional management firm.

You help establish policy, rules and standards
for your community.

You give 60 days notice. Your co-op will pur-
chase your membership, or sell it for you, for a
small fee to cover overhead expense.

The value of your membership increases under
an equity formula written into your co-op by-
laws.

You can make improvements in your towne
house and garden area and get credit for them
on resale.

You deduct from your income tax report every-
thing paid for interest and real estate taxes—
almost two-thirds of all you pay. For the aver-
age member this deduction will make possible
a savings of about $10 per month if you item-
ize your deductions.

If you sell a house and then buy a co-op mem-
bership, you obtain the capital gains deferment
benefit.

Money is waiting in the bank in your reserve
funds to replace items as they wear out.

IF YOU RENT FROM
A LANDLORD

Your landlord charges as much as he can get.

Your rent includes high cost of commercial
construction, financing, and landlord’s profit!

a

s

You own nothing (except a pile of rent
receipts).

You have no personal liability.
You have no control over maintenance stand-

ards,

You have no voice whatever in the manage-
ment or policy.

You have no control.

You are bound by the lease drawn up by the
landlord,

You gain no equity.
Any improvements you are allowed to make
belong to your landlord.

You get no income tax benefit.

You must pay the full capital gains tax.

The landjord decides when, and if, to make
replacements.

IF YOU OWN AN
INDIVIDUAL HOUSE

Individual buying means higher monthly cost
to you.

Individual mortgages have higher payments,
higher interest rate, uncontrolled profits, sub-
stantial closing costs.

You own—and are completely responsible and
liable for—your house.

You are personally liable for the mortgage and
note.

You are fully responsible for all costly repairs
and maintenance.

You alone are completely responsible for all
decisions . .. and mistakes.

You have no jurisdiction except in court at your
expense.
You must sell your house yourself and pay large

brokerage fees.

Whether you realize any equity depends on
market factors beyond your control.

Same as co-op.

Same as co-op. °

Same as co-operative homeowner.

You have to foot the bill for replacements.


Your Exclusive
London Towne Houses
Community Club House

The London Towne Houses Community Club-
house 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



|

t
COMMUNITY MEETING RECREATION
38x 19" |
1

|

special purpose rooms there js also a convenient
coin operated laundry as wel] as a main lounge
and kitchen. Serving as the focal point for
social life and Community activities your Lon-
don Towne Houses Club House will provide
many hours of enjoyment.

COOPERATIVE i
COIN
LAUNDRY

say *

~ f
‘Y COOPERATIVE MA OFFICES
12°x 12" 14'x 12"



WHERE YOUR MONEY GOES...

Each penny in your monthly payment
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 sub-
tantial portion is tax-deductible.



*Mortgage Interest — 2.
*Real Estate Taxes

Mortgage Principal ......-

Maintenance

Reserve Funds

Administration 200.
Landlord’s profit

*tax deductible items



» income. You can-

y voluntary payments not

t order or a written sepa-
sreement, lump-sum - scttle-
vr specific maintenance puy-

-nts for supportsefsminor children.

C j f o ~bli Pass only
the extent of gambling winnings:

Tf you are a tenant-stockholder in a
cooperative housing corporation, you
can deduct your share of its payments
for interest and real estate taxes. In
addition. if this property i$ used i

of the basis o |

ration. For details contact any Internal
Revenue Service office.

reprinted from the Internal Revenue Service
Official Instructions













HIGHTOWER FO

<





ons oOon whe

SCHOOLS

. West Haven Elem. School

. Margaret Fain Elem. School

. West Manor 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

ea

Telephone 758-0811

Built by: THE DIAMOND & KAYE BUILDING CO.

. Southwest Christian Church
. Berean Seventh-Day Adventist Church

SHOPPING, RECREATION &
COMMUNITY SERVICES

16. 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. INC.
Cooperative Representatives and Sales Agents

Hotpoint

LONDON TOWNE HOUSES WILL BE A COMMUNITY, OWNED AND
OPERATED BY THE PEOPLE WHO LIVE THERE.

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 in-
surance, taxes, mortgage payments or maintenance.

It’s luxury living without a landlord, therefore, cooperative
living is better than renting in many ways.

IS IT LIKE OWNING A HOUSE?
Yes, in many ways,

An individual owner has to be a handyman, and has to
foot the bill for repairs byt at London Towne Houses your
home is taken care of for you, except for redecorating.

An individual owner js personally liable for his mortgage
while at London Towne Houses you have NO personal
liability for the cooperatiye’s mortgage.

It’s expensive and time-consuming to sell an individual
house, if you can find a buyer. Broker’s fees and other costs
often run 10 percent of the sale price. At London Towne
Houses, 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
regularly increase in valye.

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.

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 super-
vise 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 struc-
tural repairs and replacements.

Appliance repair, maintenance and replacement—for all
appliances furnished with your home.

WHO OWNS THE CLUB HOUSE?

The London Club House is owned exclusively by the resi-
dents 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?

Simply fill out an application at the London Towne Houses
information center,

A refundable deposit of $135.00 will reserve the home of
your choice. A non-refundable process fee of $10.00 is
paid with each application. Each applicant must meet credit
requirements of the Federal Housing Administration.

When you move in, you make your first monthly payment.


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