News & Ideas

Nothing illustrates the importance — and impact — of affordable housing and community development better than stories about the community itself. Learn about the people who develop and build the housing and the people who are built up because of it.

Opinion: Kathy Beyer: The Raised Ranch 

This commentary was written by Kathy Beyer and originally published by VT Digger on January 19, 2024.

In 30 years of working in real estate development, I have never seen construction pricing or supply problems like we are experiencing now.

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Community Celebrates the Grand Opening of Affordable Apartments at Historic Tuttle Block in Downtown Rutland

FOR IMMEDIATE RELEASE
December 5, 2023

[Rutland, Vermont] — On Tuesday, a gathering of community members, funders, residents, state legislators, and others celebrated the official grand opening for the newly renovated Tuttle Block Apartments, situated in the heart of downtown Rutland. Located right on Center Street, the historic building now offers a total of 16 affordable apartments, with the renovation of the 13 original apartments and the conversion of the second-floor office space into 3 new apartments.

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Champlain Housing Trust, Evernorth Team Up to Bring Over 100 Affordable Apartments to Colchester

FOR IMMEDIATE RELEASE
December 4, 2023

[Colchester, Vermont] – The Champlain Housing Trust and Evernorth announced today the completion and occupancy of Stuart Avenue Apartments and the beginning of construction of 10th Cavalry Apartments which collectively will bring over 100 new permanently affordable apartments to the Town of Colchester.

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Sherrin Vail Awarded MREMA President’s Award

Evernorth is excited to announce that Sherrin Vail, Vice President of Asset Management and Portfolio Initiatives, was awarded the Maine Real Estate Manager’s Association (MREMA) President’s Award at the 2023 MREMA annual conference in Carrabassett Valley, Maine. 

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New Housing Construction Still Not Enough – Building Homes Together Campaign Issues Annual Report Card

FOR IMMEDIATE RELEASE:
October 23, 2023

Williston, Vermont – At a press conference at a newly-converted motel into housing, leaders of the Building Homes Together campaign issued its annual report card on progress towards reaching housing production and affordability goals for Chittenden County. As housing costs continue to escalate and rental vacancy rates consistently failing to exceed even 1%, falling short of housing and affordability goals means the region’s economy and people will continue to struggle.

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Construction Underway in Hinesburg on 24 New Apartments for Older Adults

FOR IMMEDIATE RELEASE
October 18, 2023

[Hinesburg, Vermont] – Cathedral Square and Evernorth are pleased to announce construction is underway on Kelley’s Field II, 24 new energy-efficient affordable apartments for adults 55 and older in Hinesburg.

Situated next to Kelley’s Field I, Kelley’s Field II is the second phase in the larger Kelley’s Field development project and will offer 24 energy-efficient apartments – 23 one-bedrooms and 1 two-bedroom apartment with a mix of affordable and market-rate rents.

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Bristol Celebrates the Grand Opening of 20 New Affordable Apartments near Downtown

FOR IMMEDIATE RELEASE
October 11, 2023

[Bristol, VT] Today, the Bristol community celebrated the official grand opening of Firehouse Apartments with a ribbon cutting and an apartment tour. Co-owners and co-developers, Addison Housing Works and Evernorth partnered to develop Firehouse Apartments which will serve 20 low- and moderate-income households in downtown Bristol, close to amenities, recreational opportunities and community services.

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Evernorth Rural Ventures Awarded $60 Million in New Markets Tax Credits from U.S. Treasury Department

FOR IMMEDIATE RELEASE
September 27, 2023

On Friday, September 22, 2023, the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI) announced Evernorth Rural Ventures, a subsidiary of Evernorth, was awarded a $60 million allocation of New Markets Tax Credits (NMTC) to continue its successful economic and community development work in low-income areas. This is Evernorth Rural Ventures’ 7th award.

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$11.4 Million in New Markets Tax Credit Allocation Secured for the Redevelopment of the Iconic “Yellow Barn” in Hardwick, VT

FOR IMMEDIATE RELEASE
August 14, 2023

[Hardwick, VT] – Evernorth Rural Ventures and Massachusetts Housing Investment Corporation (MHIC) are pleased to announce the closing of $11.4 million in New Markets Tax Credit (NMTC) allocation for the redevelopment of the iconic “Yellow Barn” in Hardwick, Vermont. The NMTC funding supports the construction of a new 25,137 square foot food business accelerator building and the adaptive reuse of the vacant, historic 4,762 square foot yellow dairy barn for use as a retail shop, collectively called the Yellow Barn Business Accelerator.

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Evernorth Rural Ventures Closes $7.1 million New Markets Tax Credit Investment to Expand Hundred Nights Emergency Shelter and Resource Center

FOR IMMEDIATE RELEASE
July 14, 2023

[Keene, NH] Evernorth Rural Ventures, a subsidiary of Evernorth, is pleased to announce the closing of a $7.1 million New Markets Tax Credit (NMTC) investment to construct a 15,180 square foot, modern, 48-bed emergency shelter and resource center in Keene, New Hampshire. The new facility, is nearing completion and will allow the nonprofit Hundred Nights, Inc. (HN) to centralize, consolidate, and increase their shelter and resource center to better serve low-income individuals and families experiencing or at risk of homelessness.

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Morrisville Celebrates the Opening of 24 New Affordable Apartments in the Heart of Downtown

FOR IMMEDIATE RELEASE
June 27, 2023

[Morrisville, Vermont] – Today, the Morrisville community celebrated the official grand opening of Village Center Apartments with a ribbon cutting, apartment tours, ice-cream and face painting. Lamoille Housing Partnership (LHP) and Evernorth partnered to repurpose an infill lot and develop this highly energy efficient, multifamily apartment building in downtown Morrisville, close to amenities, recreational opportunities, and community services.

Village Center Apartments includes 24 new affordable homes for low- and moderate-income residents, including 6 apartments that are reserved for households facing homelessness, right in the heart of downtown Morrisville.

“Village Center Apartments will reinvigorate Morrisville’s downtown, supporting the community’s continued success and vibrancy into the future, remarked Jim Lovinsky, LHP’s Executive Director. “We believe that success starts at home, and Village Center Apartments creates opportunities for all community members to thrive.”

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Evernorth Closes Fourth Multi-Investor Fund

FOR IMMEDIATE RELEASE
June 26, 2023

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.

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