Curious Minds Want to Know . . .
Friends of Holton Home and Bradley House are interested in knowing how the Bradley House Revival project is being funded. It’s a big project, bigger than anything ever done at Holton Home because we’re doing a great deal all at once. In addition to adding space for private bathrooms and new residents, we’re addressing all wiring, plumbing, heating and fire safety issues in the beautiful, historic old mansion.
If you’ve been following local building projects lately, you know that construction costs a very pretty penny these days. Bradley House is no exception. We will be a 35 bedroom, 40 bathroom home, with offices, common areas, a commercial kitchen, and a dining room large enough for all residents to gather together. What will it cost? With loving renovation of historic areas, new space, and proper fire safety and handicapped access, $5.3 million.
Where is it coming from? We’ve raised many dollars over the years for Holton Home projects, but never so much at once. We knew we’d need to apply for federal and state funding that is geared toward low income housing for elders, keeping beautiful old buildings in use, and implementing energy efficiency measures. Curious about the “low income housing” part? All our residents are retired. Very few have an income on par with the median household wage in Windham County. They may have assets they’ve put away for their later years, but their income is low. That opens the door for certain grants and loans.
The support we have received has been overwhelming. We have been approved for every single grant and loan we applied for. A total of $1,163,750 in grants has been awarded from:
- Vermont Housing and Conservation Board
- Vermont Community Development Program
- The Town of Brattleboro
- Efficiency Vermont.
- USDA Rural Development
Bradley House had no long term debt and can afford to take some on. We are borrowing $3,500,000 in low-interest loans from:
- The Vermont Housing Finance Agency
- The National Housing Trust in partnership with Commons Energy
- USDA Rural Development
Some friends have expressed concerns as to whether current conditions in our nation’s capital may impact promised funding. We have been assured that all funds have been “obligated,” meaning they are already in the accounts of the agency or organization that has promised them, and cannot be taken back. Those of you who are math whizzes will have noticed there’s a gap of $636,250.
We are responsible for contributing that amount through a combination of three sources: a capital campaign, retained earnings, and not spending all of the budgeted $368,459 in construction contingency funds.
We have very good news on for the capital campaign. Our great friends at the Thompson Trust have made a challenge grant of $50,000! Show your support for quality care for our elder neighbors in a safe, accessible and beautiful home.
Watch your mail for your chance to have your gift doubled by the Thompson Trust!