The sponsoring organization of a Lifelease project is typically a non-profit organization or charitable institution. Actual ownership and title to the Lifelease project remain in the name of the sponsoring organization (the Corporation), which provides property management and maintenance services to ensure long term benefits for all residents. All maintenance costs are the responsibility of the Corporation and are paid for under a monthly fee. This feature is especially appropriate for residents who wish to have an interest in their dwelling and still have the flexibility and freedom to “get up and go” at any time without any of the worries associated with the security and maintenance of their homes.

The economies of scale operating a multi-residential building usually result in lower unit maintenance costs than a private residence. The costs of operating a Lifelease project are lower than an equivalent condominium project since the Lifelease project is developed by a non-profit organization. All operating costs are budgeted at the lowest break-even point to minimize the monthly maintenance fee paid by residents.

Lifelease residents are neither tenants nor owners. The residents purchase the “right to occupy” a unit in the development through a contract with the sponsoring organization, and have security of tenure as the termination date is 49 years from the date of occupancy. The right to occupy agreement is granted to the residents in accordance with the criteria established by the sponsoring organization.

 Lifelease projects provide residents who live alone, or as a mature couple, with a reassuring and supportive environment, and the common facilities of Lifelease buildings create a sense of community and well being. Lifelease residences typically include features such as a multi-purpose room with kitchen, hobby/games rooms, library, resident storage lockers and a security controlled entrance system. These amenities are beneficial to all residents, particularly for those who are occasionally “shut in” due to inclement weather or for health reasons.

The possible discomfort of downsizing is compensated by secure occupancy in a development that responds to the needs of a population group with a common purpose and interests (i.e. 55+ adults with an active lifestyle).

Lifelease is a tried and true approach to developing and operating housing for seniors, mature adults and special interest groups. CMHC reports that there are numerous Lifelease projects across Canada as well as many successful projects in the United States and Great Britain.