In German Village the Rent Hasn’t Been Raised Since 1520:
The southern German state of Bavaria is home to the charming village of Fuggerei, where inhabitants enjoy an exceptional privilege that has been available for more than five centuries: remarkably affordable housing.
Established in 1520 by wealthy merchant and banker Jakob Fugger, the Fuggerei remains the oldest social housing complex in the world, and the rent has remained unchanged since its inception.
For just one euro per year, occupants of the Fuggerei can choose from one of the 67 houses on the property, which includes a church and a garden. However, there are certain requirements that potential tenants must meet, including being Catholic and having resided in the area for at least two years before applying for a lease.
Moreover, they are oblige to recite three prayers each day for the Fugger family, who still own the complex. The Fuggerei founded to provide affordable housing for the underprivileged, and it still fulfils that role today. Due to the low rental rates, the community in the hamlet has a strong sense of solidarity, and many of its inhabitants elderly or disabled.
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