$64.25 million fund provides equity financing for affordable housing in Maine, New Hampshire, and Vermont
FOR IMMEDIATE RELEASE: March 25, 2025
Evernorth closed Housing New England, Fund VI on March 19, 2025. This fund will provide equity to finance affordable housing in Maine, New Hampshire, and Vermont.
16 investors committed a total of $64,250,000 in equity making Housing New England, Fund VI (HNE Fund VI) a significant financial resource for the region’s critical affordable housing needs. HNE Fund VI’s investors include community, regional and national banks as well as one of the nation’s largest mortgage banking organizations.
“Through their partnership with Evernorth and their commitment to affordable housing, the investors in the Housing New England Fund are financing great housing, strengthening communities and improving the local economy.,” said Nancy Owens, 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 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 VI will help to build or renovate tangible, long-lasting affordable housing resources throughout northern New England,” said Cynthia Lacasse, Evernorth’s Executive Vice President & Chief Program Officer.
Of the 10 properties financed by Fund VI, three of them are projected to be complete in 2025 and create 117 homes. Four of the properties are in Maine, one is in New Hampshire, and five are in Vermont and together will result in 492 homes. In the 37 years Evernorth has operated in northern New England it has raised and deployed over $1.6B and has never had a recapture or foreclosure event. Evernorth’s investment funds have consistently delivered targeted investment returns.
The need for affordable housing in all three states remains strong. Evernorth has a pipeline of high quality community developments which need financing and will be unveiling Housing New England, Fund VII later this summer.
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Evernorth is a nonprofit organization that provides affordable housing and community investments in Maine, New Hampshire, and Vermont. Evernorth has raised and deployed over $1.6 billion in equity capital for affordable housing building more than 17,000 affordable homes for low- and moderate-income people across northern New England. www.evernorthus.org
