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Apartment Fee Options

Option I — Rental

  • Entrance fee is established by the market value of the apartment ($73,700).
  • Initial payment — Entrance fee for this option is 10% of market value of the apartment.
  • Monthly maintenance fee is $1,725 (for 2022).

Option II — 10% 90% Amortize

  • Entrance fee is $75,000.
  • Initial payment — 10% reverts to St. Paul’s.
  • 90% amortizes over 10 years.
  • Resident pays normal monthly fee — standard increases apply.
  • In a higher level of care the unamortized amount may be used to help pay for costs of care.
  • Example: Value is $75,000, entrance fee is $7,500 — reverts to St. Paul’s, $67,500 amortizes over 10 years.

Option III — 10% / 40% / 50% Amortize/Refund Combo

  • Entrance fee is $75,000 plus 50%.
  • Initial payment - 10% of entrance fee reverts to St. Paul’s.
  • 40% amortizes over 10 years.
  • Resident pays normal monthly fee — standard increases apply.
  • 50% of entrance fee is refunded to resident upon move from St. Paul’s or to resident’s estate upon death once the home is remarketed.
  • In a higher level of care the 50% refundable amount and the unamortized amount may be used to help pay for costs of care. For Without Walls Home Care the same applies after 5 years of residency in The Colony.
  • Refund is 50% of the amount initially invested.
  • Example: Value is $75,000, entrance fee is $125,000 — $12,500 reverts to St. Paul's, $50,000 amortizes over 10 years, $62,500 refunded.

Option IV — 10% / 90% Refund

  • Entrance fee is $75,000 plus 90%.
  • Initial payment — 10% of entrance fee reverts to St. Paul’s.
  • Resident pays normal monthly fee — standard increases apply.
  • 90% of entrance fee is refunded to resident upon move from St. Paul’s or to resident’s estate upon death once the home is remarketed.
  • In a higher level of care the 90% refundable amount may be used to help pay for costs of care. For Without Walls Home Care the same applies after 5 years of residency in The Colony.
  • Refund is the 90% of the amount initially invested.
  • Example: Value is $75,000, entrance fee is $142,500 — $14,250 reverts to St. Paul’s, $128,500 refunded.

Option V — Under 72 Age Group

  • Age 72 is based on the oldest occupant of the Accommodation
  • Pay an amount equal to the value of the Accommodation - $75,000
  • First 10% reverts to St. Paul’s
  • Remaining 90% is placed in a refundable account in resident(s) name
  • At age 72 resident(s) choose option II, III, or IV in writing. If no option is selected in writing, the Entrance Fee will automatically convert to Option II – 10%/90% Amortize Option.
  • If you leave the Community before age 72 for reasons other than death, Option II shall apply retrospectively beginning in the month of the Designated Occupancy Date or of Occupancy, whichever is earlier.
  • We shall refund to you ninety-five percent (95%) of the remaining Entrance Fee if you leave within the first twelve (12) months of Occupancy.
  • We shall refund to you eighty percent (80%) of the remaining Entrance Fee if you leave after the first twelve (12) months of Occupancy.

2022 Terms

  • Market values for on-bedroom apartments range from $75,000 to $77,200.
  • A $1,000 deposit will hold an apartment for 30 days. Within that 30 days we will schedule an appointment to sign the Residency Agreement.
  • Initial payment — 10% Payment is due upon signing the Residency Agreement.
  • The monthly fees is $985.00 (for 2022). This fee DOES include gas in one-bedroom apartments.
  • Unamortized amounts can be used for a higher level of care. Some restrictions apply.
  • Refundable amounts can be used for a higher level of care. Some restrictions apply.
  • 95% of the remaining entrance fee will be refunded to the resident if the apartment is vacated for reasons other than death or the need of a higher level of care within twelve (12) months upon remarketing.
  • 80% of the remaining entrance fee will be refunded to the resident if the apartment is vacated for reasons other than death or the need of a higher level of care after twelve (12) months upon remarketing.

Note: Additional fees include electric, gas, phone and cable (cable is $35/month for standard services)