Founded on January 5, 1950, the "Gemeinnützige Bau- und Siedlungsgenossenschaft Neue Heimat" was set up to address the prevailing housing shortage. To this day, the purpose of the cooperative's articles of association is "to provide good, secure and socially responsible housing for its members". After a short time, the name was changed to "Bau- und Siedlungsgenossenschaft Wiesbaden 1950 eGmbH", from which the abbreviation GENO50 developed; it was entered in the register of cooperatives on April 22, 1950. At the end of 1950, GENO50 had 290 members with a share capital of DM 29,290. The first new building in Assmannshäuser/Ecke Lorcher Straße with 63 apartments was completed by May 1951. Because the young GENO50 was not yet able to build up any liquidity reserves on its own, a savings institution was founded on 18.12.1956 and recognized by the banking supervisory authority of the state of Hesse on 25.01.1957. At the end of 1957, savings deposits already amounted to DM 305,669.90.

GENO50 now trades under the name "Gemeinnützige Bau- und Siedlungsgenossenschaft Wiesbaden 1950 eG". The portfolio has grown to over 3,500 apartments throughout the city of Wiesbaden and the number of members to over 5,800. The savings institution's deposits have exceeded €22 million. Currently, GENO50's main tasks include the maintenance and modernization of the apartments. The GENO50 office building is located in the Gräselberg housing estate in Wiesbaden.