Condominiums and Cooperatives - History

The development of condominium and cooperative housing arrangements accelerated with increasing costs of real estate, inflation, increased urbanization, and population growth. Until the 1960s, the condominium as a separate form of ownership was relatively unknown in the United States. The development of condominiums was hastened when the FAIR HOUSING ACT OF 1968 (42 U.S.C.A. § 3601 et seq.) authorized the use of mortgage insurance, established under the National Housing Act (12 U.S.C.A. § 1701 et seq. [1934]), on one-family units in multiple-family structures.