FOR IMMEDIATE RELEASE: September 6, 2024
CONTACT: Lisa Patlis, (802) 861-3814
[Burlington, VT] – Evernorth Loan Fund, a community development organization of Evernorth, is thrilled to announce a generous $10 million donation to support its efforts in financing affordable housing projects in Vermont. The donation comes from an anonymous Vermont philanthropic donor who shares Evernorth’s commitment to creating vibrant, healthy communities through the development of affordable housing.
“Everyone deserves safe housing, but so many Vermonters are struggling right now to find and afford someplace to live, and that affects all of us,” said the donor. “We are grateful to be able to help Evernorth Loan Fund’s work towards the goal of every Vermonter having safe, quality housing.”
This significant gift is a recognition of the key role philanthropy can play in addressing the affordable housing crisis.
This contribution will allow Evernorth Loan Fund to make low-cost, flexible loans to affordable housing developers, enabling them to access the capital they need to create safe, quality housing for families, individuals, and seniors in need. The funds are already supporting over 200 affordable homes under development in Putney, Waterbury, Berlin, West Rutland, Shelburne and Burlington.
Increasing the size of the Evernorth Loan Fund will further its mission of promoting economic opportunity, social equity, and community well-being through affordable housing development.
“We are incredibly grateful for this generous donation, which will have a lasting impact on the communities we serve,” said Nancy Owens, President of Evernorth Loan Fund. “With this philanthropic support, we will be able to finance even more affordable housing projects, providing safe and stable homes for those who need it most.”
Evernorth Loan Fund was formed in 2020 to finance affordable housing projects. This donation increases its loan capital pool to over $30M. The Loan Fund’s long-term goal is to raise additional philanthropy and grant dollars to grow its capital pool to $100M to support developers across northern New England to build and steward much-needed affordable housing. Evernorth looks forward to using these funds to continue its important work of creating inclusive, thriving communities. For more information on Evernorth Loan Fund go to https://evernorthus.org/financing-and-investing/evernorth-loan-fund/ or please contact Jim Wogan, Director of Lending – jwogan@evernorthus.org
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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 $1.6B 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.
