Purpose of the Lübeck Residential Homes Foundation

The task of the "Lübecker Wohnstifte" foundation is:

to directly and exclusively support needy elderly people. Prerequisite is need as defined by the currently applicable tax provisions. It fulfils this purpose by:

  • allocation of housing to which it has an obligatory or real occupation right.
  • creation and maintenance of old people's facilities and other social facilities which serve the foundation's purpose.
  • Granting of loans secured by mortgages for the purpose of creation and maintenance of old people's facilities and for the building of new old people's residential homes where it is entitled to an obligatory or real occupation right.
  • Acquisition of paid-in capital stock of public utility housing enterprises, provided that the increase in capital is immediately used for fulfilment of one of the purposes mentioned in b) and c).