Terra Lumina Life Lease Inc. was formed by two companies with long histories in the provision of housing in BC: Terra Housing and Lumina Services.
Terra Lumina works with non-profit societies across BC to develop life lease projects which encourage seniors to maintain their independence and vitality as they age, by providng financially safe, maintenance-free, socially connected housing.
A life lease is essentially a cross between owning and renting: the resident purchases a long-term (30 years) leasehold interest which is registered on title. When people move out, they or their estate, get their money back less a small deduction for refurbishing and remarketing. Overall, ownership and management of the building remains with the not-for-profit organization, protecting the resident from any unexpected costs.