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The name on the deed is typically the locally incorporated house corporation. The nationals do not own the properties, they are independenly owned by the individual corporations. The nationals advise and regulate the operations, but they don't fund. The Alpha Chi Omega House, for example, is owned and run by their local Gamma Sigma house corp., not their Nationals. The reason frats like Sigma Chi and Chi Phi were able to build new houses was because of the sales of their old houses on Upper College Road to the university (the houses themselves, not the properties), and the resulting management and investment of those funds by their local alumni. Of course I don't think the 40-60 people living in a chapter house are paying the mortgage. Do your homework--any campus where there is greek housing, it is either owned and rented by the university, or the property is purchased after extensive alumni fundraising.