The Washington Sanitary Improvement Company (WSIC) was a late 19th century charitable capitalism experiment that ended in the 1950s. This blog started looking at the homes that were supposed to be sold to African American home buyers, after decades of mainly renting to white tenants.
Looking at WSIC properties they tend to have a pattern where the properties were sold to a three business partners, Nathaniel J. Taube, Nathan Levin and James B. Evans as the Colonial Investment Co. for $3 million dollars. Those partners sold to African American buyers. There was usually a foreclosure. Then the property wound up in the hands of George Basiliko and or the DC Redevelopment Land Agency (RLA). Then there were the odd lucky ones who managed to avoid that fate.
Let’s see what happens with 223 Bates St NW:
- January 1951 Evans, Levin and Taube sold one-half of 223 Bates St NW to Margaret and Matthews McCants.
- Jan 1951 the McCants borrowed $2,525 from Colonial Investment Co. favorite trustees Abraham H. Levin and Robert G. Weightman.
- January 1951 Evans, Levin, and Taube sold the other half of 223 Bates St NW to Maggie and William H. Otey.
- Jan 1951 the Oteys borrowed $2,525 from trustees Abraham H. Levin and Robert G. Weightman.
- April 1962 the Oteys were released from their mortgage.
- October 1962 the McCants were released from their mortgage.
- March 1966 the McCants borrowed $5,151.72 from trustees AJ Mascetta and Ralph O. Weed in order to pay Washington Aluminum Co.
- February 1978 the McCants and the Oteys sold 223 Bates St NW to Daniel J. and Suzanne T. Bailey.
This had a good outcome, no foreclosures and owners were able to borrow money from outside lenders.