FOR IMMEDIATE RELEASE: June 26, 2023
CONTACT: Lisa Patlis, (802) 861-3814
Evernorth closed its fourth multi-investor fund – Housing New England, Fund IV – on June 15, 2023. This fund will provide equity to finance affordable housing in Maine, New Hampshire and Vermont.
14 investors committed a total of $54,050,000 in equity making Housing New England, Fund IV (HNE Fund IV) a significant financial resource for the region’s critical affordable housing needs. HNE Fund IV’s investors include community, regional and national banks as well as one of the nation’s largest mortgage banking organizations.
“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,” said Nancy Owens, Co-President, Evernorth.
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 a reliable return on their investments, the community banks and the regional and national companies that have invested with the Housing New England, Fund III will help to build or renovate tangible, long-lasting affordable housing resources throughout northern New England,” said Bill Shanahan, Co-President, Evernorth.
All of the projects that are receiving funding from Housing New England, Fund IV have been identified, and 9 are in construction. The first new homes will be available in Bristol, VT in August. In all, the Fund will invest in 10 total developments, with 5 in Maine, 2 in New Hampshire and 3 in Vermont, creating 419 affordable apartments.
The need for affordable housing in all three states remains strong. Evernorth has a pipeline of high quality community developments which need financing and so will be unveiling another investment fund – Housing New England, Fund V – this summer.
Photo credit: Andy Duback
