"The Fuggerei is the world's oldest social housing complex still in use. It is a walled enclave within the city of Augsburg,Bavaria. It takes it name from the Fugger family and was founded in 1516 by Jakob Fugger the Younger (known as "Jakob Fugger the Rich") as a place where the needy citizens of Augsburg could be housed. The rent was and is still one Rheinischer Gulden per year (equivalent to 0.88 euros), as well as three daily prayers for the current owners of the Fuggerei - the Lord's Prayer, Hail Mary, and the Nicene Creed. The conditions to live there remain the same as they were 480 years ago: one must have lived at least two years in Augsburg, be of the Catholic faith and have become indigent without debt. The five gates are still locked every day at 10 PM."