LAKEWOOD - Eaton Senior Communities will close its assisted living facility for renovation later this year and will no longer offer assisted living services when it reopens.

According to Ron Meritt, Eaton spokesperson, a total of 57 residents live in the assisted living facility and 36 of those residents are on Medicaid.

"Medicaid reimbursement rates for low-income residents supported by Medicaid in assisted living are not sufficient to cover the cost of high-quality care," David Smart, President and CEO of Eaton Senior Communities, said in a press release.

Eaton Senior Communities has supplemented costs through fundraising. "After 30 years Eaton has reached the point where this is no longer financially sustainable," wrote Meritt.

Meritt said they're taking steps to assist current residents in making the transition, from helping residents find new homes to providing $500 for moving expenses to each resident.

The exact date to end the assisted living services has not been determined but can happen as early as July 1, 2018.

The building will be renovated for low to moderate-income independent residents.

Eaton Senior Communities campus also includes The Residences, apartment homes for seniors. The Residences is not closing.

RELATED | Earlier this year Golden Manor Assisted Living announced it is closing. There, 67 people have to find a home by April.