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An improvement trust is a legal entity that holds funds for the improvement of a building or geographic area, often used for urban redevelopment and improving living conditions. Examples include the Bombay City Improvement Trust and Singapore Improvement Trust, which addressed health risks caused by overcrowding.
An improvement trust is an entity formed for the purpose of holding funds designated for the improvement of a particular building structure or an entire geographic area. While these trusts are generally intended to acquire or rehabilitate real estate, these entities are also useful for redesigning entire communities, including roads and urban infrastructure. An improvement trust is formed in accordance with all applicable laws in the area where the trust funds will be applied.
Similar to real estate investment trusts, an improvement trust can be used to purchase new real estate. However, this type of trust differs in that it is designed to generally improve the general living conditions of the residents of a certain area. Such improvements include the establishment or repair of roads, the restoration or construction of new residential housing, and other improvements intended to protect the health and welfare of local residents.
While these types of trusts can, in theory, be designated for any home or geographic area, most are for urban improvements. Historically, such trusts have been used to redevelop overcrowded areas in an effort to prevent overcrowding of residential spaces. In particular, improvement trusts have been very useful in addressing the spread of communicable diseases, which are often the result of overcrowded and substandard living conditions.
Two historical examples of how these trusts work can be found in the Bombay City Improvement Trust and the Singapore Improvement Trust. Each of these trusts was established because of the serious health risks caused by the overcrowding of communal living spaces. In each of these areas, sanitation problems posed a real threat to residents. However, the establishment of these trusts helped reduce these threats and created more desirable living conditions for the local inhabitants.
Formed in the late 1800s, the Bombay City Improvement Trust was established in response to the bubonic plague, which not only killed thousands of residents in Mumbai, India, but also posed a serious threat to the local economy due to the sudden intense loss of the local population. workers The Improvement Trust was established to create better public housing, which addressed the problem of the accumulation of multiple workers in small dwellings and thus contributed to the spread of plague. Similarly, the Singapore Improvement Trust, which was formed in 1936, tried to address the problems of overcrowded slum housing by building new back-to-back ventilated housing structures with a lane at the rear of the housing to separate the housing. and improve the number of houses. Open space available to residents.
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