A director of the Corrin Memorial Home has revealed it costs in the region of £100,000 per month to run the site.
The private company that operates the facility is facing insolvency and has to legally cease trading by the end of July.
Tynwald members passed an emergency motion on Tuesday gives the 21 residents at the home at least six-months notice before they are relocated.
Alan Jones admitted the board has known of financial difficulties for at least two years:
Company warns over fake delivery emails
Don't fall for a delivery scam doing the rounds on the Island.
Should dangerous drivers who kill face life in jail?
Should causing death by dangerous driving, whether under the influence or not, carry a potential life sentence?
Police dealing with crash in Colby
Police say they're currently dealing with a crash in Colby.
Stop falsely accusing youngsters of vandalising skate park!
Castletown commissioners say there's no vandalism in a skate park in the town - and are asking people to stop wrongly accusing children.
Plans to make northern school more accessible
The Department of Education says it wants to make a school in the north of the Island more accessible.
Government fully committed to min wage rise
Chief Minister Alf Cannan says the government is fully committed to a 9.9 per cent rise in the Island's minimum wage.
Airport director apologises for 'unusual circumstances' which returned flight
The airport director's apologised for the 'unusual circumstances' which meant an easyJet flight had to return to Liverpool over the weekend, despite landing at Ronaldsway.
Garage staff get body cams to tackle abuse and theft
An Island filling station company says it'll try out bodyworn cameras to help deter shoplifting and verbal abuse against its staff.
