Laraway Youth & Family Services

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Laraway Youth & Family Services 2016-10-31T14:47:18+00:00

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NMTC Project


NON-PROFIT FINANCING

  • 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.

Impact

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%.


Project Team

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

Accounting: CohnReznick

Architect: Joseph Architects, Inc.

Contractor: Connor Contracting, Inc.

Partners

Community National Bank
Vermont Community Loan Fund
Vermont Economic Development Authority

PDF Version

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