FOR IMMEDIATE RELEASE: June 4, 2024
CONTACT: Lisa Patlis, (802) 861-3814
Evernorth closed Housing New England, Fund V on May 30, 2024. This fund will provide equity to finance affordable housing in Maine, New Hampshire and Vermont.
15 investors committed a total of $61,000,000 in equity making Housing New England, Fund V (HNE Fund V) a significant financial resource for the region’s critical affordable housing needs. HNE Fund V’s investors include 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,” 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 V 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 ten properties financed by Fund V, nine of them are projected to be complete in 2024 and create 371 homes. Five of the properties are in ME, one in NH, and four are in VT. Since Housing Vermont and Northern New England Housing Investment Fund merged in 2020 to become Evernorth, it has raised $323 million for Affordable Housing through its multi-investor platform.
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 VI later this summer.
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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 $1.5B in equity capital for affordable housing and built more than 17,000 affordable homes and apartments for low- and moderate-income people across northern New England. Learn more at www.evernorthUS.org.
