What is the Accomodation Bond?
Under legislation proclaimed on 1st October 1997, all eligible residents entering hostels may be required to pay an accommodation bond. An accommodation bond is an amount arranged between the resident and Fronditha. The amount of the bond depends on your assets. The following criteria are used to determine liability for an accommodation bond. • Residents paying an accommodation bond must be left with a minimum of 2.5 times the annual pension. • For a married resident only half of the couple’s combined assets are counted. • Your home is not included in the asset figure if:- • your spouse or companion or a dependent child is still living in it; • if a carer has been living there for at least 2 years, and is eligible to receive an income support payment; • a close relative (eg. Sibling) has been living there at least 5 years and are receiving an income support payment.
