Thanks to a very generous area couple (who wish to remain anonymous), the Valley Cares eldercare project has been given 77+ acres and a house along the Connecticut River in Vermont, in exchange for a two-life charitable annuity. The house and property (which were recently appraised at $785,000) will be sold as soon as possible, so that the proceeds can be invested to pay the charitable annuity. The remaining balance, after the husband and wife have both passed away, will become the property of the Valley Cares project.

If the $8.3 million Valley Cares assisted living and independent living project is awarded the grants and tax credits for which Project Director Bob Crego has applied, Grace Cottage’s eldercare services, including Heins Home, Adult Day Services and Valley Health Council, will all become part of Valley Cares. The 24-unit independent living and 28- unit assisted living houing project will be located on 9.8 acres donated by Warren Kronemeyer, just up the road from Grace Cottage Hospital. Funding has already been received for the project, thanks to a grant from Housing and Urban Development in the amount of $1.1 million and another grant from The Windham Foundation for $25,000.

“This project has really reflected a grassroots effort in the community and that’s been a real positive factor,” said Crego. “I think we’re in the best possible shape we could be in. Despite the extreme competition for these funds within Vermont and the real shortage of federal and state funds, I’m optimistic!”

Applications for funding have been filed with the following agencies: Vermont Housing & Conservation Board: Two applications have been filed, one for state funding of $510,000 and another for federal funding through VHCB for $315,000 from Housing & Urban Development. Vermont Community Development Program: This application, for $590,000, is filed in collaboration with the Town of Townshend. Federal Home Loan Bank: This two-part application includes a $300,000 grant and a $380,000 subsidized loan. This application has been filed in collaboration with Brattleboro Savings & Loan. Housing Finance Agency: This application requests an allotment of low-income housing tax credits that would yield approximately $3.5 million.