[Photo above: Rutland’s former Loretto Home senior living facility, as pictured in recent advertisements offering it for sale. Pomerleau Real Estate photo]
A $1 million offer for the former Loretto Home senior living facility could help the state’s largest religious denomination and a local housing nonprofit — but comes with conditions.
Vermont’s Roman Catholic Diocese, now seeking to reorganize its depleting finances in U.S. Bankruptcy Court, has received permission to sell its former Loretto Home senior living facility in Rutland.
In a ruling this week, Judge Heather Cooper said she’d allow the state’s largest religious denomination to accept a $1 million offer from Rutland’s nonprofit Cornerstone Housing Partners, which wants to transform the Meadow Street building into transitional and long-term affordable apartments.
“The proposed sale represents the highest and best offer for the property,” church lawyers argued in court papers, “and the proceeds of the sale will assist the diocese in…
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