This is reminiscent of the millionaire heiress Marlene Engelhorn, who wants to return much of her inherited wealth to the general public: a community of Frankfurt heirs deliberately sold an inherited apartment building to the Civil Servants Housing Association (BWV) at below the market value instead of offering it at the highest price, as they did, reports “Münchner Merkur”. The goal was to ensure socially acceptable incomes, not to maximize profits.
The construction of homes would have contributed 1.6 million euros
The original purchase price of the seven-apartment house was €1.6 million. But the owners, a community of three, decided to spend less money. The reason: the BWV cooperative guarantees permanently affordable rents.
BWV board member Matthias Henties said the house was a perfect fit for the cooperative and could contribute to Frankfurt's housing supply.
This is how housing cooperatives work
Housing cooperatives are membership associations that aim to create and manage affordable housing. Members of a housing cooperative contribute capital and in exchange receive the right to live in an apartment.
The special thing is that the members are at the same time tenants and owners: they are shareholders of the cooperative and have a voice and vote. Cooperatives are considered a sustainable and socially responsible form of housing construction.
Millionaire heiress Engelhorn gives away “100 percent” of her assets
The heiress to the BASF fortune, Marlene Engelhorn, intends to give away almost all of her fortune, which amounts to 25 million euros. She will be left with little for her own living expenses. Once she spends it, she plans to earn money through a normal job.
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