LIFE Senior Housing Announces Price Increases
Joe Maney, Director of Lynnfield Initiatives For Elders (LIFE) told selectmen this week the organization needs to raise home prices for first time in five years.
The LIFE (Lynnfield Initiatives For Elders) program that provides housing for town senior citizens will be raising prices, reported director Joe Maney at this week's selectmen's meeting.
The organization runs the Essex Village and Center Village housing developments, and will also have 48 units of senior housing in the forthcoming Market Street at Lynnfield project.
Maney reported to selectmen that along with investment income and the $30 per month that each resident places into a replacement fund, LIFE also derives revenue by splitting the profits of home sales with residents who move. With no price increases in recent years, LIFE was starting to feel some pressure on its revenues.
"We had been adjusting the price of units every three to five years. However, due to market conditions we have not made any adjustments for the past seven years," wrote Maney in a letter to the Lynnfield selectmen. "This has led to a situation where some units have turned over at the same price and there has been no contribution to the fund."
The selectmen approved the price increases requested. At Essex Village, the price of a two-bedroom unit will rise from $199,000 to $229,000. At Center Village, a two-bedroom unit will raise from $169,000 to $184,000. A one bedroom unit at Center Village will rise from $139,000 to $150,000.