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It takes its 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.By 1523, 52 houses had been built, and in the coming years the area expanded with various streets, small squares and a church.The annual return on the trust has ranged from an after-inflation rate of 0.5% to 2%.
One ground-floor apartment is uninhabited, serving as a museum open to the public.
The doorbells have elaborate shapes, each being unique, dating back to before the installation of streetlights when residents could identify their door by feeling the handle in the dark.
The Fugger family initially established their wealth in weaving and merchandising.
The Great Schism of 1054, saw the Apostolic Sees of Jerusalem, Antioch, Alexandria and Constantinople strongly disagree with the See of Rome over several issues, including the Pope’s claim to be the head of all the churches.
The disagreement was so vigorous that a split occurred, one which exists to the present day.