There are 25 CCRCs in New Jersey housing more than 10,000 seniors.
for a $245,000 entrance fee to be returned. He finally accepted an amount that was 37% less, just to get it over with and settle his mom’s estate.in Trenton that would have set a one-year time limit for CCRCs to return entrance fees to former residents or their estates.
“I know it’s tough for those who have to wait a long time for their funds, but that is a far better problem to have than an event which would create shutting down a facility and causing a near total loss for all residents at that location,” Baldwin said, noting that some facilities were concerned they would need to take on debt to cover timely payouts.
“To hold onto the money is honestly unfair,” she said, adding that she would look at introducing another bill to help people in Bolton’s position.“It has been difficult to sell this particular apartment. It is a smaller apartment in a less desirable area of the community,” said Julia Zauner, vice president of marketing for Springpoint, the company that manages the facility.
“It is intended to protect the financial stability of continuing care retirement communities,” she said.that was certified earlier this week by a Middlesex County Superior Court judge against other five CCRCs managed by Springpoint, the company that manages Winchester Gardens.
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