DEFINITIONS
LIFE LEASE (without prejudice):
Under a Life Lease Plan, residents purchase a Life Lease interest, at market value, in both the property and their unit, similar to purchasing a home or condominium. They then have exclusive use of their unit, shared use of all common areas and facilities, and many more benefits. This life lease interest can also pass to the estate upon death of the resident and, therefore, can be held in perpetuity. Actual ownership and title of the life lease property remains in the name and protection of the co-op. This ensures high quality management and long-term maintenance benefits for all residents, as well as the sense of community, and the availability of services, in a setting that responds to changing needs. Once the resident takes possession of their unit, they pay a monthly fee, similar to a condo fee, which represents the resident’s share of common project costs, including maintenance, management, insurance, and contribution to a replacement reserve fund. When the resident, or their estate, wish to sell their life lease, they receive the market value, less an administration fee. It is the “market” that determine what the life lease interest is worth. As the market value of local real estate increases, so does the value of the Life Lease interest. Therefore mature adults are able to protect their investment and earn a return similar to the equity growth in their family home. Under a life lease plan, the non-profit corporation must approve the future sale or transfer of a life interest.
INDEPENDENT/SUPPORTIVE LIVING:
Independent living residences are provided meals and services as required or requested.
ASSISTED LIVING:
Assisted Living is a general term for living arrangements in which some services are available to residents (meals, laundry, medication reminders, etc.), but residents still live independently within an assisted living complex. This assistance is available on a 24/7 basis.
RESIDENTIAL CARE:
Residential Care is defined as care for people with complex health care needs who required 24-hour, professional care due to physical, mental, or behavioral conditions.