Letter to the Residents

We have important news to share with you regarding Kinneret Apartments.

We are announcing that the Kinneret Board of Directors, in consultation with senior industry experts and community leaders, have decided that the best path for Kinneret’s long-term success is to sell the property to an experienced affordable housing owner who has greater capacity and access to capital for building rehabilitation.

Equally important, we have a deep and longstanding commitment to investing in the Kinneret community to make it even better than it is today.  This difficult decision was reached after years of extensive deliberation, always with the present and future residents at the top of our minds.

For more than five decades we have provided affordable housing, programs and services to thousands of older adults.  The success of the subsidies provided by HUD to our residents have been supplemented by the support of many community donors from both the Jewish and secular communities.

Through the sale of the property, the management company will remain. Kinneret Board will advise and recommend that the new buyer continue with Carteret Management as the capable management partner it has been for the past 12 years. However, we cannot guarantee the new owner will keep the current property management company.

Kinneret Apartments will remain affordable.  As owners of the building, we have determined the “CONDITIONS” that the new buyer must meet. The new buyer must commit to extending rent affordability for another 30 years and must continue to engage with the Kinneret Council on Aging as a provider of services and programs to the residents.

TO BE CLEAR, the buildings will remain affordable. 

Business as usual is our goal for all the residents and staff.  KCOA will continue offering all its same services to you and every resident throughout this transition process.  Our goal is to continue providing services to the Kinneret Apartments for years to come.

We have also enclosed a document of Frequently Asked Questions (FAQ).  We will be sending updates to keep you informed throughout the process.

Special Resident Meetings are scheduled and will be held with the Carteret and Kinneret leadership to answer any additional questions about what this will mean to everyone at Kinneret (both staff and residents).  Your meeting time is on the front cover of this letter.

If, after the meeting you have additional questions, please reach out to us at KinneretPres@gmail.com and we will respond in a timely manner.

We are committed to keeping you informed throughout this process and will be posting updates in both the Mirror and on the Kinneret website at KinneretLiving.org/updates.

Please know that any decision the Kinneret Board makes about Kinneret Apartments will honor our commitment to serve the senior community.

The health, safety, well-being, and happiness of our residents have always been paramount to us.

Sincerely,

Kinneret Apartments Board of Directors