Evernorth nonprofit secures $61M for 10 affordable housing projects in ME, VT, NH. Fund V finances 5 projects in Maine, creating 371 homes for low- and moderate-income residents. Additional funding from local banks to address ongoing need for affordable housing in New England.
Photo courtesy of Evernorth
Evernorth serves low- and moderate-income people by advancing the development of affordable housing in the Maine, New Hampshire and Vermont.
Evernorth, a nonprofit housing capital syndicate based in Portland, Maine, and Burlington, Vt., has closed its latest multi-investor fund of $61 million, which will provide equity to finance 10 housing projects in Maine, in addition to four in Vermont and one in New Hampshire.
The organization serves low- and moderate-income people by advancing the development of affordable housing in the three states.
A total of 15 investors committed the equity to Evernorth's Housing New England Fund V as a financial resource for the region's critical affordable housing needs, Mainebiz reported July 15.
Of the 10 properties financed by Fund V, nine are projected to be completed this year to create 371 homes.
Below are the names of the Maine projects, including the developer, number of units and amount invested by the Evernorth fund, according to Mainebiz:
- The Davis Road project in Bangor is being created by the city's Housing Authority and the Bangor Housing Development Corp. It will be made up of 32 apartments for adults 55 and older at a cost of $1.9 million.
- In Belfast, Congress Square Commons is a project from Developers Collaborative encompassing 36 apartments for families. It will cost $8.2 million.
- The Oak Grove Commons in Bath, built by Realty Resources, is an acquisition and rehabilitation housing project comprised of 34 apartments for families at a cost of $7.4 million.
- Wedgewood in Lewiston is under the supervision of the Lewiston Housing Authority with Avesta Housing serving as a development consultant. The project is a combination of acquisition and rehabilitation as well as new construction that will create 82 apartments for families for $10.3 million.
- Augusta's 99 Western Ave. project is to be built by Mastway Development and will feature 38 new apartments for families. It is a $3.5 million construction effort.
Nonprofit Dedicated to Helping Fund Affordable Homes
Evernorth was created by a merger of Housing Vermont and Northern New England Housing Investment Fund in 2020.
Since then, it has raised and deployed more than $1.5 billion in equity capital for affordable housing, building more than 17,000 affordable homes for low- and moderate-income people across northern New England.
Its Fund V investors for the latest group of affordable housing projects included community, regional and national banks.
"We raised capital from a wide-range of investors and new partners enabling us to expand our reach to preserve and create much-needed affordable housing in these unprecedented times," Nancy Owens, Evernorth's president, said in a company news release.
Mainebiz noted that Evernorth raises equity by syndicating federal low-income housing and historic tax credits as well as various state, historic and affordable housing credits.
"In addition to receiving a reliable return on their investments, the community banks and the regional and national companies that have invested with the Housing New England Fund V will help to build or renovate tangible, long-lasting affordable housing resources throughout northern New England," added Cynthia Lacasse, Evernorth's executive vice president and chief program officer, in the news statement.
Local banks contributing to Fund V included Bangor Savings Bank, which committed $4 million, and Bath Savings, which committed $1.25 million, according to a separate news release.
The need for affordable housing in all three states remains strong, the nonprofit noted. As a result, Evernorth has a pipeline of high-quality community developments which need financing and will be unveiling Housing New England, Fund VI later this summer.
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