Fairview Fellowship village has two contract plans, Rental and Purchase. The terms of each are as defined in the contracts.

Purchase

After the purchase price is paid on entrance to the apartment, that amount is depreciated at 14.3% per year. When the apartment is vacated, the undepreciated balance is refunded to the resident or heirs. This is an important feature of our financial plan. There will always be a refund of the undepreciated purchase price within the first 7 years. (The length of time it takes for full depreciation at 14.3% annually). The only payment made to the Fairview Fellowship Home under this plan is the monthly service fee. All utility bills will be the responsibility of the occupant and will be paid directly to the utility company.

Rental

A minimum of $1,000 is paid toward the purchase price of the apartment. Monthly rent is calculated by purchase price less the down payment times 2.0%. For example; a Villa Central 2-bedroom apartment sells for $53,000. Under the rental plan, $5,000 is paid down and the rental payment would be $960 per month ($53,000 - $5,000 = $48,000 x 2% = $960.00) To lower monthly rental payments, additional down payment may be made. The monthly rental payment does not apply toward purchase. The monthly rental payment does not include utilities. All utilities will be the responsibility of the resident and will be paid directly to the utility company. The down payment is depreciated at 14.3% per year. Should the apartment be vacated, the un-depreciated balance of the down payment is refunded.