The Life Lease Program is ideal for seniors wanting:
- Relief from the responsibilities of homeownership
- To downsize into a smaller home
- Few maintenance responsibilities
- An affordable place to live
- Less financial risk
- A simpler lifestyle
How Does Life Lease Work?
Occupants sign a deposit and occupancy agreement to reside in an apartment style unit in exchange for a deposit and payment of a monthly occupancy fee. The occupancy fee covers the operating costs of the unit and shared expenses to maintain the building. It also includes heat, water, property taxes and administration. An initial deposit of $1,000 is required to reserve a unit. The remainder of the deposit must be paid in full within 30 days.
Value
The deposit for the Life Lease unit is typically lower than the cost to purchase a condo. Your deposit is also not at risk, as it is guaranteed by SHC. Your monthly fees are comparable to (and often lower than) the rent for similar accommodations in the community. If you no longer want to live in your unit, give your notice and the housing authority is responsible for re-leasing the unit. Your original deposit will be returned to you, less any amount owing.
Who is Eligible for the Program?
Individuals and couples are eligible for the Life Lease Program if they are 60 years and older. The Life Lease Program has household asset and annual income limits. For singles, the maximum income limit is $46,600. For couples, the maximum income limit is $56,400. Your household assets must not exceed $375,000.
