Pittsburgh Assisted Living Retirement Community Faces Foreclosure; 150 Elderly Residents Paying $300K To Get In Face Loss Of Home, Investment

In Pittsburgh, Pennsylvania, KDKA-TV Channel 2 reports:

• Some local senior citizens who thought they were set to live out their golden years in the lap of luxury are facing a frightening reality. The assisted living community where they live, Covenant at South Hills, is in foreclosure and they may lose their homes and considerable investments.

• Residents paid a $300,000 deposit to get into the community and pay a $3,000 monthly living fee for upscale living conditions and quality extended medical care.

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• Now, seven years after it opened, Covenant is only 40 percent occupied and the non-profit board that runs the facility can't pay the bills.

For more, see South Hills Senior Living Community In Foreclosure.

For story update, see:

• The Jewish Chronicle (1-12-09): Covenant South Hills files for bankruptcy,
• Pittsburgh Business Times (1-2-09): Creditors ask judge to sell Covenant at South Hills (Bank says senior living center's debts top $48 million),
• The Jewish Chronicle (12-24-08): B’nai B’rith: Covenant residents’ interests will be protected.