- Project Sponsor: Laraway Youth and Family Services
- Investment: $3.4 million
- Location: Johnson
- Community facility expansion
Vermont Rural Ventures awarded a portion of its allocation of federal New Markets Tax Credits to provide a financing to Laraway Youth and Family Services for its new, 39-acre campus in Johnson.
Gap and Investment
Vermont Rural Ventures provided low cost permanent financing for Laraway Youth and Family Services’ new campus, comprised of a newly constructed school building and renovated barn on a 39-acre farm in Johnson. A combination of traditional and subordinate financing, along with NMTC equity, was used to finance the expansion.
Laraway provides support to children who have been removed from the custody of their parents or public school. Their new campus creates an ideal setting to provide therapeutic and education supports in an agricultural setting.
The NMTC financing at below market rates and terms saves the nonprofit approximately $40,000 per year in debt service payments. The $3.4 million project allowed the non-profit youth services organization to increase enrollment, expand services, and add new employees. Before the expansion Laraway served 35 youth enrolled in its school program and employed 100. With its new facility Laraway has quadrupled the number of children served and increased employment by 50%.
Vermont Rural Ventures: Nancy Owens
Non-Profit: Laraway Youth and Family Services
Legal: Primmer Piper Eggleston & Cramer, F.L. Kochman, Inc, Cheney, Brock and Saudek, P.C., Downs Rachlin Martin PLLC, Nolan Sheehan Patten LLP
Architect: Joseph Architects, Inc.
Contractor: Connor Contracting, Inc.
Community National Bank
Vermont Community Loan Fund
Vermont Economic Development Authority