retirement

Naturally Occurring Retirement Communities

Retirement » Senior Living »Naturally Occurring Retirement Communities

The NORC business model
The NORC business model © Photo courtesy of Crestmoor Downs NORC program

All NORC programs have at minimum one paid staff member, but rely heavily on volunteers -- many of whom, crucially, are older adult participants. Most have community-based governance.

"There is a lead organization -- typically a social service provider -- and they use a relatively small amount of money to achieve big outcomes," Greenfield says. "They need to understand the community they are serving -- who are the big stakeholders, what are the gaps in services -- and do community outreach and partnership building. In a smaller municipality, the mayor's office might be a major stakeholder, or someone at the library dedicated to engaging and better serving older adults."

NORCs operate on a surprisingly small budget. "They are relatively inexpensive to mount," Huberman says. "Budgets run from $10,000-$664,000, but the median is $114,200. The reason is the heavy use of volunteers and lower staff burnout because they're dealing with a vibrant, successful model."

Huberman contends that more communities should seek to establish NORCs because of their comparatively low start-up cost. "A NORC will make a tremendous difference in the quality of your parents' and grandparents' lives," he says.

"Typically, they're funded by a mix of public and private resources -- government, private foundations, donors, property management groups," Greenfield says. "Some NORC programs charge membership fees, but they are minimal and account for less than 5 percent of the budget."

advertisement

Show Bankrate's community sharing policy
          Connect with us
Find Senior Housing Near You

Let us help you compare

  • Pictures
  • Pricing
  • Options
Zip code or City, State

Get Help Now

advertisement
CD & INVESTING NEWSLETTER

Learn the latest trends that will help grow your portfolio, plus tips on investing strategies. Delivered weekly.

Blog

Dr Don Taylor

The 4 percent rule turns 20

An initial 5-percent withdrawal rate from a retirement portfolio is risky; 6 percent or more is gambling.  ... Read more

advertisement

Senior Living Adviser

Where can I find Mom's IRA CDs?

Dear Senior Living Adviser, We found two IRA CDs from 1990 and 1992 in our mother's safe deposit box after she passed last year. The bank where the CDs were drawn has merged twice since that time. The bank has no record...

View more Bankrate Advisers »

Partner Center
advertisement

Connect with us