Senior Living News Wire

Atria 86^th Street, located on Manhattan’s Upper West Side, recently celebrated the grand reopening of its newly renovated senior living community.  The event showcased the results of a multimillion dollar renovation project, including a renovated penthouse with a salon and fitness center with sweeping views of the Hudson River. The refurbishment also includes an updated movie theater, renovated and newly-created dining areas that offer residents multiple dining options and upgraded apartments.  In addition to the renovations, Atria was recently licensed under the New York State Department of Health as an Enriched Housing community, Atria 86^th Street staff members are now also able to provide new services to residents.  Atria 86^th Street’s interior designers and architects took inspiration from nearby Manhattan museums and neighborhood buildings, which contributed to the Art Deco style of the upscale renovation.

“Our efforts in refurbishing and renovating Atria communities nationwide are designed to meet the demands of America’s aging population, as well as provide living and working environments appropriate for the next generation of seniors we’ll serve,” said Mark Alexander, Senior Vice President of Redevelopment for Atria Senior Living Group. “The renovation of Atria 86^th Street is part of our ongoing commitment to help residents retain their independence in the most comfortable and pleasant surroundings possible, while ensuring we offer the best amenities and lifestyle options available in senior living.”

The U.S. Department of Labor recently announced the release of $597 million in funds to continue support for 74 state, territory and national grantees of the Senior Community Service Employment Program for program year 2010 that enable income and training support for 61,900 individuals ages 55 and older, who have low incomes or are unemployed. At least 75 percent of SCSEP funds will go to provide these individuals with part-time, paid community service-based job training program opportunities throughout the country.

"Older workers are an essential part of our nation’s present and an increasingly greater part of its future, but it can be difficult for this dynamic sector of our population to access good jobs," said Secretary of Labor Hilda L. Solis. "At the U.S. Department of Labor, we are committed to ensuring older workers have access to the training and other professional services they both need and deserve. The SCSEP program assists participants in enhancing their marketability and allows them the opportunity to further contribute to their communities."

Funds are being awarded to each state either directly or through one of the following 18 national organizations: AARP Foundation; Asociacion Nacional Pro Personas Mayores; Easter Seals Inc.; Experience Works Inc.; Goodwill Industries International Inc.; Institute for Indian Development Inc.; Mature Services Inc.; National Able Network Inc.; National Asian Pacific Center on Aging; National Caucus and Center on Black Aged Inc.; National Council on the Aging Inc.; National Indian Council on Aging Inc.; National Urban League; Quality Career Services Inc.; SER Job for Progress National Inc.; Senior Service America Inc.; Vermont Associates for Training Development Inc.; and The Work Place Inc.

According to a new report by Deloitte’s Center for Health Solution, state governments’ obligation to their Long-Term Care (LTC) Medicaid enrollees may have the potential to debilitate government effectiveness and create severe fiscal distress.  The report, "Medicaid Long-term Care: The Ticking Time Bomb," cites state budgetary pressures, the fact that Medicaid is the nation’s primary source of long-term care services and the lack of any short-term relief expected from federal health care reform.  The Deloitte report shows Medicaid budgets as a percentage of state operating budgets will almost double by the year 2030 – some reaching levels close to 40 percent. In certain states, expenditures for long-term care account for about half of this trend.

"Medicaid long-term care is one of state government’s most urgent health care challenges. Failure to innovate with medical and administrative best practices is likely to result in runaway costs, poor quality care and challenging fiscal budget holes for states," said Bob Campbell, vice chairman and leader of Deloitte’s state government practice. "Taxpayers and the millions of people who depend on Medicaid long-term care should understand that this is a critical issue that demands immediate attention."

MassHousing announced $2.4 million in loan commitments last month for the development of Barstow Village in Hanover, which will provide 66 affordable apartments for senior citizens.  Barstow Village is being developed by EA. Fish Associates and the Archdiocese of Boston’s Planning Office for Urban Affairs on a 6.6-acre site. The 66 apartments, which include 64 one-bedroom apartments and 2 two-bedroom apartments, will be contained in one mid-rise building.  MassHousing has committed $1.2 million in taxable permanent financing and $1.2 million in Priority Development Fund financing. The project is also being considered for $1 million from the Affordable Housing Trust fund, which is managed by MassHousing on behalf of the state Department of Housing and Community Development.

“Barstow Village will provide a valuable affordable housing resource to seniors in Hanover and the community overall,” said MassHousing Executive Director Thomas R. Gleason. “EA Fish and the Planning Office for Urban Affairs have a distinguished record of developing quality affordable housing and MassHousing is pleased to be a financing partner in Barstow Village.”

“We have a wonderful partner in the Planning Office for Urban Affairs. Our team has worked collaboratively with the Hanover Housing Authority and the local boards and agencies to bring to life their vision for this much needed senior affordable housing,” said Dana Angelo, Director, EA Fish Development. “The town of Hanover should be
commended for making Barstow Village a reality. Obtaining MassHousing’s approval for permanent financing and Priority Development Funds is an important milestone and we appreciate the commitment that the staff at MassHousing have made enabling the project to move forward.”

Presbyterian Villages of Michigan (PVM) celebrated the Grand Opening of Spring Meadows Phase II of The Village of Spring Meadows senior living community in Jackson, Michigan on Tuesday, June 8, 2010. Festivities included a formal program with PVM CEO Roger Myers, Spring Meadows community-based board members and State of Michigan Director of Aging Services Sharon Gire.  The $3.5 million, 40-unit apartment building was made possible through a $3.5 million grant from the U.S. Department of Housing and Urban Development (HUD). The second phase of this senior living community is adjacent to the already-developed Spring Meadows I – a PVM community of cottages with attached garages.

“We are pleased to expand PVM’s Spring Meadows campus and serve even more seniors in the Jackson community,” said Roger Myers, president and CEO of Presbyterian Villages of Michigan. “It reflects our mission and vision to be a trusted resource to seniors of all faiths throughout the state of Michigan.”

Emeritus Senior Living (NYSE:ESC) recently announced a partnership with Fit Brains, an online gaming site that offers visitors a variety of games developed to improve brain health, which is an area of focus for Emeritus Senior Living. The Fit Brains games, which are offered on the Emeritus website, were developed by brain health experts and proven to improve brain function while targeting the five major cognitive brain functions — memory, concentration, language, executive functions and visual-spatial skills.  Emeritus is emphasizing activities with a goal to stimulate the brain daily through physical fitness, mental stimulation, socialization, nutrition and spirituality.

"We have recently made a commitment to fostering a brain healthy lifestyle at our communities and in our offices and believe that by adding games we can help to make brain health fun and easy, in order to encourage individuals to incorporate brain health activities into their everyday lives," commented Jayne Sallerson, Executive Vice President of Sales and Marketing for Emeritus Senior Living. "By adding brain health games to our website, we are reminding our residents, their families, our employees, and all of our site visitors about the importance of brain health and providing an additional tool that will allow people of all ages to keep their brains fit and healthy."

The Canadian government recently celebrated a grand opening and ground breaking for two new senior housing projects for low-income seniors.   Local politicians announced the opening of a $1.7 million project with 23 new affordable housing rental units for low-income seniors in Elgin County and the ground breaking for a new project for 52 units in London, Ontario with $5.8 million in federal and provincial funding.

"Our government continues to invest in affordable housing here in London as well as across Canada to improve the life for those who need it most. These new rental options will help seniors in our community access safe and affordable housing that meets their needs," said Member of Parliament for London West Ed Holder. "This funding also creates an important source of well paying jobs".

More than 450 runners and walkers from across the region rose with the sun to participate in the 23rd Annual Village Shalom Father’s Day Run/Walk

The city of Los Angeles and Housing Authority of the City of Los Angeles (HACLA) recently celebrated the opening of the Manchester, a senior public housing community in South Los Angeles.  HACLA acquired the property with the intent to renovate the interior and exterior and transformed the apartment building into 27 one-bedroom senior apartments.  The tenants will pay approximately 30% of the household monthly income and have access to on-site case management and educational, health, and recreation activities for the residents.  The 75% building’s common areas are supplied by a solar energy system

”One of my highest priorities is to increase our City’s supply of affordable housing,” said Mayor Antonio Villaraigosa.  “And today, we’re putting words into action.”

Photo Courtesy LA Mayor’s Office.

Capital Senior Living Corporation (NYSE:CSU) announced Monday that it has entered into a definitive agreement with Signature Assisted Living of Texas, LLC (“Signature”) to acquire Signature’s interests in 12 leases with Health Care REIT, Inc. (NYSE:HCN). The 12 leased communities are assisted living and memory care facilities located in Texas and have approximately 677 units and include 532 units of assisted living and 145 units of memory care, with a combined capacity of 764 residents. The communities average less than three years of age. In June of this year, financial occupancy at the combined communities was approximately 91%. The transaction will increase the total number of Texas communities for CSU to 29.  CSU expects to close the transaction in the 3rd quarter and estimates that it will add a positive EBITDAR of $4.6 million annually.

“We believe this transaction is very strategic and will create tremendous value for our shareholders by increasing the Company’s CFFO by approximately $2.3 million or $0.09 per share,” said Lawrence A. Cohen, Chief Executive Officer of the Company. “Upon closing the transaction, the Company will operate a significantly larger platform in Texas and benefit from the clustering of communities. The portfolio is extremely complementary to our existing footprint and provides additional opportunities to achieve operating leverage and synergies. Furthermore, we are pleased to complete our third transaction with HCN and continue to strengthen our relationship.”

Pantech recently announced the Pantech Ease, a new cellular device that is focuses on simple design and operates in two distinct modes, Easy mode and Advanced.  The Easy mode (AT&T specifically mentions seniors) is designed to provide an uncluttered designed with a large menu, full keyboard and intuitive menus at a cheaper price point than some of the other fancier devices on the market.  With larger fonts, simpler menus and bigger buttons, the Ease is may turn into the platform that AT&T uses to sell to seniors.

"Ease emphasizes our commitment to meeting the needs of all AT&T customers," said Jeff Bradley, senior vice president, Devices, AT&T Mobility and Consumer Markets. "The first quick messaging phone targeted for simplicity seekers, it fulfills our goal to create a highly functional device for everyone – from children to great-grandparents."

"The seniors market remains a significant opportunity for the operators to expand their businesses. But as iGR’s research has found, the challenge is to provide a solution that meets the specific needs of the seniors with sufficient functions and capabilities yet is easy to use and intuitive, " said Iain Gillott, president of iGR, a market research consultancy focused on the wireless and mobile industry. "Our research has shown that seniors primarily want to make calls, to send and receive photos in text messages, to get driving directions and to read their email. And they want an attractive design that would make their family members envious – the Pantech Ease, with an easy-to-use interface developed collaboratively by AT&T and Pantech and attractive yet senior-friendly form factor, seems to address those needs squarely."

Ease will be available at AT&T retail stores nationwide and online at www.wireless.att.com on June 20 for $69.99 (Pay $119.99 and after mail-in rebate receive $50 AT&T Promotion Card. Two year service agreement and a minimum $20 messaging or combination of messaging and data plans required.)

The perceptions about retirement for all Europeans are shifting with the economic times and are beginning to look more like attitudes about retirement in America.  According to a recent survey by Aon Consulting, more than half (55%) of Europeans believe they will have to delay their retirement because of the current economic climate.  French and German workers are the most pessimistic, with 74% and 73% thinking about extending their working careers respectively, followed by the Irish (65%), the Swiss (67%) and the British (60%).  More than 80% of both Irish and British workers think they will have to delay retirement by over two years due to current economic conditions.

Oliver Rowlands, head of retirement, Europe Middle East and Africa, at Aon Consulting commented: "Recent events have shown the value of defined contribution pension funds can go down sharply in a recession, which has come as a shock to many people used to gold-plated defined benefit pensions and generous state benefits. As responsibility for retirement savings has moved from the state and corporations to the individual, people are increasingly realising they need to take an active interest and take steps, such as delaying retirement, to make sure they are financially secure in retirement.”

Will the consumer protections proposed by the new financial services reform bill make a difference for seniors and Baby Boomers and their housing decisions and personal finances?  Or has too much pain been inflicted already?  Lawmakers expect to deliver the final version of the Dodd-Frank Wall Street Reform and Consumer Protection Act to President Obama prior to the 4th of July for his signature.  The bill provides regulatory framework for both Wall Street and consumer finance but the charge for consumer advocacy reflects a shift by lawmakers aiming to provide protection on unparalleled levels.  The bill focuses heavily on the consumer finance area by focusing on mortgage lending, credit cards and pay day lending practices and creates a new independent watchdog called the Consumer Financial Protection Bureau (CFPB), housed at the Federal Reserve.  The CFPB will have the authority to ensure American consumers get the clear, accurate information they need to shop for mortgages, credit cards, and other financial products, and protect them from hidden fees, abusive terms, and deceptive practices.  The CFPB will create an new Office of Financial Literacy to help educate consumers and create a national consumer complaint hotline so consumers will have, for the first time, a single toll-free number to report problems with financial products and services.

• Housing Counseling: Establishes an Office of Housing Counseling within HUD to boost homeownership and rental housing counseling.
• Monitor Personal Financial Rating: Allows consumers free access to their credit score if their score negatively affects them in a financial transaction or a hiring decision. Gives consumers access to credit score disclosures as part of an adverse action and risk-based pricing notice.
• Reverse Mortgages: CFPB is required to conduct a study on reverse mortgages to determine any deceptive or abusive practices within one year.  The study would also determine whether suitability standards are necessary, as well as safeguards to protect consumers from being sold reverse mortgages to fund inappropriate annuities, investments and other financial products.? The bureau also has the authority to issue regulations, orders, or guidance that apply to reverse mortgages prior to the completion of the study.
• Emergency Mortgage Relief: Building on a successful Pennsylvania program, provides $1 billion for bridge loans to qualified unemployed homeowners with reasonable prospects for reemployment to help cover mortgage payments until they are reemployed.
• Require Lenders Ensure a Borrower’s Ability to Repay: Establishes a simple federal standard for all home loans: institutions must ensure that borrowers can repay the loans they are sold.

• Prohibit Unfair Lending Practices: Prohibits the financial incentives for subprime loans that encourage lenders to steer borrowers into more costly loans, including the bonuses known as "yield spread premiums" that lenders pay to brokers to inflate the cost of loans. Prohibits pre-payment penalties that trapped so many borrowers into unaffordable loans.
• Establishes Penalties for Irresponsible Lending: Lenders and mortgage brokers who don’t comply with new standards will be held accountable by consumers for as high as three-years of interest payments and damages plus attorney’s fees (if any). Protects borrowers against foreclosure for violations of these standards.
• Expands Consumer Protections for High-Cost Mortgages: Expands the protections available under federal rules on high-cost loans — lowering the interest rate and the points and fee triggers that define high cost loans.
• Requires Additional Disclosures for Consumers on Mortgages: Lenders must disclose the maximum a consumer could pay on a variable rate mortgage, with a warning that payments will vary based on interest rate changes
• Neighborhood Stabilization Program: Provides $1 billion to States and localities to combat the ugly impact on neighborhood of the foreclosure crisis — such as falling property values and increased crime – by rehabilitating, redeveloping, and reusing abandoned and foreclosed properties.
• Foreclosure Legal Assistance. Authorizes a HUD administered program for making grants to provide foreclosure legal assistance to low- and moderate-income homeowners and tenants related to home ownership preservation, home foreclosure prevention, and tenancy associated with home foreclosure.

Some of the executives at Sunrise Senior Living are getting bonuses early for their efforts in 2010.  Sunrise has been working on a restructuring plan for the past 24 months that included a recently announced sale of 8 of its German senior living communities.  Last week, Sunrise announced in a SEC filing that the compensation committee of the board of directors agreed to pay one-third of 2010 target bonuses to CEO Mark Ordan, Chief Financial Officer Julie Pangelinan and Chief Information Officer Gregory Neeb. Ordan will receive $325,000, while Pangelinan and Neeb will get $133,333 each.  According to the filing, the incentives were provided in order “to recognize the extraordinary work of the its executive officers during a difficult and uncertain period and the significant progress that has been made on a number of corporate imperatives, including asset dispositions, extensions and restructurings of Company debt, cash management and managing core business to budget.”  The three executives remain eligible to receive the balance of the 2010 awards if the compensation committee chooses to award the additional bonuses.

Not happy with the position you’re in currently or looking for opportunities to find top quality hires?  Visit the Senior Housing Jobs section on SHN.  Hiring and the job market is stirring but certainly not on fire yet as employers are focusing on quality for their hiring dollars.  Get your free job postings for 90 days (limit two jobs per company) for a limited time (ending soon). 

Executive Director – Assisted Living – Beaverton, Oregon

Regional Operations Manager – Capital Senior Living – Omaha, Nebraska

Talent Acquisition Manager – Sunrise Senior Living – Atlanta, Georgia

Executive Director – Assisted Living – Corvallis/ Dalles, Oregon

Director of Nursing – The Village at Gleannloch Farms – Spring, Texas

Director of Creative Services – Southern New Jersey

Director of Nursing – Burlington, Vermont

Senior Housing Jobs