Evernorth Invests Over $20 million into Local Affordable Housing and Community Services
FOR IMMEDIATE RELEASE: July 31, 2025
Bennington, VT – Evernorth is pleased to announce the closing of funding and capital investments for the redevelopment of Bennington High School (Benn High) in downtown Bennington, Vermont. The Benn High redevelopment project, which is sponsored by Vermont Housing Initiative, reinvigorates a vacant, two-story, historic school campus on Main Street, transforming it into both affordable housing and vital services for the community. Benn High is the result of years of diligent collaboration and planning among state and local business leaders, nonprofits, community advocacy groups, government officials and state housing and economic development agencies, alongside the long-time support of municipal officials and Bennington residents. When complete, the reimagined Benn High will be home to a childcare center, senior center, town recreational facilities, youth programs, community meeting space, University of Vermont Extension classes, as well as mixed-income apartments.
As part of Bennington’s Designated Downtown district, Benn High is within 1.5 miles of key amenities, including Southwestern Vermont Medical Center, Bennington Elementary School, banks, grocery stores, restaurants, municipal facilities, and more. Of special importance for area families, workers, and employers, Benn High is located close to the public transit system, providing access to connections between Burlington and Albany.
The Benn High redevelopment project was made possible by numerous federal, state, and local agencies and private investors.
Evernorth Rural Ventures, the community development financing arm of Evernorth, is providing a $14.2 million New Markets Tax Credit (NMTC) allocation toward the creation of a 78,000 – square-foot commercial and residential condominium that will become 22 mixed-income apartments; community-based programming administered by the Town of Bennington’s senior center; a new 102-seat childcare center, town fitness and recreational programming, after school and summer camps for youth, and community meeting space all administered by the Berkshire Family YMCA; educational programming by the University of Vermont Extension; and a management office occupied by Community Resource Management, LLC.
“Evernorth is proud to be part of this complex project that expands services and housing for families and community members while returning a vacant historic building to productive use,” said Beth Boutin, Vice President of Community Investments at Evernorth. “Benn High is a great example of how Evernorth’s strong commitment of investing in both housing and essential services can come together to enhance quality of life and support economic growth for everyone who lives and works in the community.”
In addition to the Evernorth Rural Ventures investment, Evernorth’s Housing New England, Fund VII is investing $6.1 million toward the creation of 17 permanently affordable apartments for families through the federal Low Income Housing Tax Credit program (LIHTC). The finished Benn High complex will include an additional 22 mixed-income apartments developed simultaneously with the NMTC component of the Project. In this way, Benn High will address Vermont’s need for housing for residents of all income levels.
Vermont Housing Initiative (VHI), the project sponsor, founded by the principals of Hale Resources and 802 Group, is a Vermont-based real estate development firm dedicated to creating high-quality housing and revitalizing historic or underutilized properties. VHI undertakes both residential housing developments and community-focused mixed-use projects, with a mission to deliver sustainable, impactful developments that strengthen neighborhoods and meet the state’s evolving housing needs. The Benn High Redevelopment is VHI’s inaugural project and the first of many planned investments to support Vermont’s housing and community revitalization efforts.
In addition to Evernorth’s investments, this project was made possible by the issuance of $15 million in NMTC authority from Mascoma Community Development and $5 million from the National Trust Community Investment Corporation. The complex financing package also includes extensive financial support from federal, state and town governments, loans from state economic development and housing financing agencies, Vermont Economic Development Authority and Vermont Housing Finance Agency, as well as Congressionally Directed Spending from Congresswoman Becca Balint. The project qualified for additional funding and federal tax credits through its historic building restoration, environmental contamination remediation, and clean energy generation through geothermal and solar panel installations.
The U.S. Treasury’s New Markets Tax Credit program, which began in 2000, is designed to spur economic development activity in economically disadvantaged communities nationwide. These communities often have good, viable business and economic development opportunities, but limited access to capital. The Treasury’s program addresses the capital gap by providing the incentive of a federal tax credit to corporations that invest in a Community Development Entity like Evernorth Rural Ventures.
Goldstone Architecture is the Project’s architect. MLB Construction Services, LLC is contracted as Construction Manager and Community Resource Management is proposed as Property Manager.
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Evernorth is a nonprofit organization serving the low- and moderate-income people of Maine, New Hampshire and Vermont with affordable housing and community investments. Evernorth has raised and deployed over $1.6 billion in equity capital for more than 17,000 affordable homes and apartments for low- and moderate-income people across northern New England.
Evernorth Rural Ventures, a subsidiary of Evernorth, is a qualified rural Community Development Entity that uses its New Markets Tax Credit resources to support investment in the economic, environmental, and social well-being of northern New England communities and its regional economies. Funds are used to retain and create quality jobs and expand essential goods and services by financing key community developments in downtown and village centers and in other concerted community efforts that demonstrate positive impacts to low- income persons and communities. Learn more about Evernorth Rural Ventures at www.evernorthus.org/financing-and-investing/evernorth-rural-ventures.
