SAN FRANCISCO (KCBS)— Despite Thursday’s warning that University Mound Ladies Home in San Francisco would close, it remained open on Friday.

About 20 seniors still reside in the 130-year-old Portola District assisted living facility and there’s reason for optimism with a new plan that would allow the remaining seniors to stay.

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Two months ago, University Mound, buried in debt made the decision to sell to a private school and close. Families complained, but now another assisted-living provider Age Song has stepped in to take over the facility.

University Mound board of trustee President Mary Louise Fleming is feeling better about the future.

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“They would like to continue to operate University Mound as an assisted living and continue to provide care to residents that have modest means as well as a mixed population,” she said.

According to Fleming, the 20 remaining low- income residents would be able to stay and proceeds from the sale will be used to support other seniors who need financial assistance.

“They could have more of a choice living out their final years either in their own home or with their families,” Fleming said.

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Over 50 seniors lived at University Mound when the closure was announced. Fleming said those who left might even have the option of returning when new ownership takes over.