There are several options available when choosing a Living unit at Maranatha Village
When choosing a living unit at Maranatha there are two options available at this time.
1. The Founder's Plan (meet our builder www.longoff.com)
2. The Rental Plan (Duplexes are now available for rent)
FOUNDER'S PLAN: When you become a resident of the Village under the Founder's plan, you are securing a "qualified lifetime tenancy". The living unit does not become a part of your estate, however; you are entitled to live in the unit as long as you are able to do so safely. The Founder' Plan has 3 payment options that are available. You will find the options listed as the Founder's Plan on the main menu for your review.
All Independent Living units of Maranatha Village can be occupied under the Founder's plan, which requires the payment of an entrance fee upon admission and a monthly maintenance fee.
The FOUNDER'S PLAN has three options:
OPTION 1 : PAYMENT OF THE ENTRANCE FEE IN FULL
Under this option, the resident pays the entrance fee in full upon admission. Monies would be refunded to the resident or the resident's estate, based upon a declining scale, if the resident occupies the unit less than 8 years. Following 8 years of occupancy, the resident or the estate of the resident is guaranteed a 10 percent refund of the original entrance fee at the time the living unit is vacated. This refund is only available to those residents that pay the entry fee in full upon admission.
OPTION 2: 50% DOWN PAYMENT OF THE ENTRANCE FEE
Under this option, the resident pays 50 percent of the entrance fee upon admission. Maranatha Village then provides financing for the remaining 50 percent. Financing can be arranged over a 10 to 15 year period at a rate of 7.5 percent interest.
OPTION 3: 25% DOWN PAYMENT OF THE ENTRANCE FEE
Under this option, the resident pays 25 percent of the entrance fee upon admission. Maranatha Village then provides financing for the remaining 75 percent. Financing can be arranged over a 10 to 15 year period at a rate of 8.5 percent interest.
THE CURRENT MONTHLY MAINTENANCE FEE OF $433 INCLUDES THE FOLLOWING AMENITIES:
General Maintenance, emergency response, cable television, lawn maintenance and snow removal, property taxes and insurance, water and sewer, on-campus activities, worship services and bible studies, protected community setting/security, weekly trash service.
FUNDS PAID TO MARANATHA VILLAGE UNDER THE FOUNDER'S PLAN BECOME THE PROPERTY OF MARANATHA VILLAGE SUBJECT TO THE TERMS OF THE RESPECTIVE CONTRACTS.
The Rental Plan is the second option.
All Independent Living units are available on a yearly lease basis except single family homes. A security deposit equal to one month's rent is required.
(No monthly maintenance fee is required for renters)
Maranatha Village is responsible for trash removal, cable television, water and sewer with the understanding that:
1. The resident pays for the actual cost of gas and electricity
2. Meals, housekeeping, and laundry are not included in the rental rate or maintenance fee. These services can be purchased through Maranatha at an additional cost.
THE LISTED RATES, EFFECTIVE, MARCH 1, 2014, ARE SUBJECT TO CHANGE