Senior Living Entry Program
Moldaw Residences, located at 899 Charleston Road in South Palo Alto, provides 24 BMR Senior apartments for moderate income individuals or couples, 60 years of age and older.
Located on the Taube-Koret Campus for Jewish Life, Moldaw Residences offers a maintenance-free lifestyle in a unique multigenerational setting. There is an entrance fee (at a discounted rate for BMR residents) associated with this property along with a monthly service fee. Please note: fifty percent (50%) of the entry fee is returned to the individual or the estate after vacating and leaving the campus when a new resident closes the apartment.
Program Overview
This is not a low-income or subsidized program but is designed for those with a more moderate asset base and income compared to those who qualify for our full market rate (MR) program. The BMR program is very similar to the MR program except for the costs and financial qualifications, which are lower. A returnable Entry Fee is required upon entry, and there is a monthly service fee that is paid on the first of each month. 50% of the entry fee is returned to the resident or their estate after vacating and leaving our campus and a new resident closes on their apartment. There are no real estate related commissions or property taxes involved. This is not a sale of deeded property.
An applicant does not need to be a resident of Palo Alto when they apply for the program.
- Income Qualifications (depending on the size of the apartment): Total assets need to be between $550,000 and $1,200,000. Net value of your home can be included. Yearly income needs to be between $51,000 and $88,200 ($100,800 for a couple).
- A total of 24 units are designated as BMR units. Sales counselors can provide you with all the paperwork and assist you with any questions you have, as well as submit your application and all the supporting documents required of you.
- 10% deposit: Before going through the application and formal approval process, a Hold will be placed on the apartment you pick out and you will place a fully refundable 10% deposit within 3-5 days of the Hold. This will reserve the apt for you and allow the staff to devote the time and resources to help qualify you.
- Family members can not be guarantors on a BMR contract. They can give up to 10% as a gift for deposit or purchase.
- Time frame: 1-2 months to get approval. Move-in 0-60 days after city approval.
Moldaw multi-generational campus amenities
- Beautiful apartment homes, most with balconies
- GE Profile Stainless steel appliances and granite kitchen counters
- Full size stackable washer/dryers
- All interior maintenance
- Flexible dining plan
- Housekeeping and linen service
- Valet service with interior parking
- Paid electric, gas, water and garbage
- Membership in Oshman Family Jewish Community Center on campus: 2 fully heated pools, fitness, educational and cultural programs.
- 24/7 security
- Transportation services
- Sounds of children at the campus pre-school
- Performing arts center and theatre, steps away from you residence, on our campus
- Please contact (650) 433-3629 if you have any question about the Below Market Rate program and Moldaw Residences.
