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 non-profit approximately $40,000 per year in debt service payments. The $3.4 million project allowed the 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%.
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.