▁takes ▁its ▁name ▁from ▁the ▁F ug ger ▁family ▁and ▁was ▁founded ▁in ▁ 1 5 1 6 ▁by ▁Jakob ▁F ug ger ▁the ▁Young er ▁( known ▁as ▁" J ak ob ▁F ug ger ▁the ▁Rich ") ▁as ▁a ▁place ▁where ▁the ▁need y ▁citizens ▁of ▁A ugs burg ▁could ▁be ▁hous ed . ▁ ▁By ▁ 1 5 2 3 , ▁ 5 2 ▁houses ▁had ▁been ▁built , ▁and ▁in ▁the ▁coming ▁years ▁the ▁area ▁expanded ▁with ▁various ▁streets , ▁small ▁squares ▁and ▁a ▁church . ▁The ▁gates ▁were ▁locked ▁at ▁night , ▁so ▁the ▁F ugg erei ▁was , ▁in ▁its ▁own ▁right , ▁very ▁similar ▁to ▁a ▁small ▁independent ▁medieval ▁town . ▁It ▁is ▁still ▁inhab ited ▁today , ▁aff ording ▁it ▁the ▁status ▁of ▁being ▁the ▁oldest ▁social ▁housing ▁project ▁in ▁the ▁world . ▁ ▁Description ▁ ▁The ▁rent ▁was ▁and ▁is ▁still ▁one ▁R hen ish ▁gu ilder ▁per ▁year ▁( equ ivalent ▁to ▁ 0 . 8 8 ▁eu ros ), ▁as ▁well ▁as ▁three ▁daily ▁pray ers ▁for ▁the ▁current ▁own ers ▁of ▁the ▁   —   the ▁Lord ' s ▁P ray er , ▁H ail ▁Mary , ▁and ▁the ▁Nic ene ▁Cre ed . ▁The ▁conditions ▁to ▁live ▁there ▁remain ▁the ▁same ▁as ▁they ▁were ▁ 5 0 0 ▁years ▁ago : ▁one ▁must ▁have ▁lived ▁at ▁least ▁two ▁years ▁in ▁A ugs burg , ▁be ▁of ▁the ▁Catholic ▁faith ▁and ▁have ▁become ▁ind igent ▁without ▁deb t . ▁The