This housing fund, composed of the Federal fund, the state fund, and in some cases local funds, is to be used to make loans to municipalities, housing organizations that are not organized for profit, limited dividend companies, co-operative associations, or even employers. The plan contemplates that the lowest paid wage earners, among whom are numbered a large per cent of the foreign born, should continue to rent; but the landlord should not be a private individual seeking to make profit from providing the workers with shelter. The plan also takes note of the plan for co-partnership ownership adopted by the United States Housing Corporation. The main features of this arrangement are: 1. Ownership vested in a local board of trustees bound to operate the property in the interest of the tenants and until the property is fully amortized in the interest of the government. 2. Formation of a tenants' association to which all residents of three months are eligible on payment of small yearly dues. This association to elect a tenants' council to act as directors of the association, to confer with the board of trustees, and to carry out such duties as trustees direct. 3. Any tenant may become a co-partner by applying for bonds to the amount of 25 per cent of the value of his dwelling, and accompanying his application with a cash subscription of one half per cent of this. 4. Tenant co-partners are given a voice in the management by the right to elect trustees, the number increasing with the amount of subscriptions to bonds. 5. Tenant co-partners granted remission of one month's rent a year. 6. Tenant co-partners leaving or desiring to discontinue as co-partners have the right to sell their bonds to trustees at par. Mr. A. C. Comey, the author of the plan, says of it:[19] Such a co-partnership scheme as this will present to workmen a unique opportunity for saving, for not only will they get as high a rate of interest as a safe investment justifies, but they will be to a large degree custodians of their own security and will thus be able to protect their investments in much the same way as actual home owners. On the other hand they will avoid most of the pitfalls of home owning, such as loss through deterioration of a neighborhood, forced sales in case of departure, and inability to realize on assets locked up in private homes. Moreover, they will tend to develop a high degree of community spirit, usually so lacking among apartment dwellers, and thus take more interest in public affairs and become better citizens generally.