Sunday, December 21, 2008

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: