Amalgamated Housing Co-operative is located north of the Jerome Park Reservoir in The Bronx. Sponsored by the Amalgamated Clothing Workers Union (A.C.W.U.), this development opened in 1927 under the New York State Limited Dividend Housing Law of 1926.1 Built as affordable housing for moderate-income workers, the limited dividend housing legislation granted tax exemptions to the co-operative for a period of 20 years. Its residents were "co-operators," not tenants, who would own shares for their apartments in the development. Now in its ninth decade of operation, the Amalgamated is the oldest limited dividend housing development in the country and has been a successful prototype for other nonprofit co-operatives, especially in New York City.