SAN FRANCISCO (CBS SF) -- A San Francisco home for the elderly announced Friday that it will close after more than 100 years in the city due to deteriorating finances.
The University Mound Ladies Home will close July 10 and is currently working to find alternate living arrangements for its 53 remaining residents, officials said.
The historic facility, which was created with a $100,000 endowment left by philanthropist James Lick in the 1880s to serve elderly women in need, was initially known as the Lick Old Ladies Home. It now serves men as well.
The home exhausted its endowment by 2008, and was saved from closure at that time by an outpouring of community and political support. It continued to provide lower rates than other assisted-living facilities, but faced increasing capital needs, debt and monthly bills as well as a lack of revenue, officials said.
Fleming said the board continued to explore all options for continuing options but had advised residents on May 7 of the impending closure.
"While we had hoped to avoid this unfortunate final chapter, no viable alternatives have presented themselves," said Mary Louise Fleming, chair of the home's board. "As a result, we are now working with families and placement agencies to locate new home for our residents and ensure as smooth a transition as possible."
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