Award will spur economic and community development projects in low-income communities
FOR IMMEDIATE RELEASE: February 3, 2026
CONTACT: Meg McCroskey Blum, mblum@evernorthus.org
On January 29, the Finance Authority of Maine (FAME) announced Evernorth Rural Ventures (ERV), a subsidiary of Evernorth, was awarded a $10.4 million allocation of New Markets Tax Credits (NMTC) authority to continue its successful economic and community development investment in low-income and rural areas across Maine. FAME’s Maine New Markets Capital Investment Program is designed to stimulate private investment and spur job growth in rural and underserved areas of the state.
Since 2008, Evernorth Rural Ventures has provided $316 million in affordable capital to support $853 million in total development activity supporting investment in the economic, environmental, and social well-being of 25 northern New England communities and their regional economies. Thirty-six manufacturing, downtown real estate and essential service organizations and businesses have benefited from Evernorth Rural Ventures program, which has created and retained over 4,775 permanent quality jobs and 1,880 construction jobs. Through these efforts, ERV has supported more than 125,000 people in low-income communities by investing in increased access to higher education, healthcare, fitness, and other essential social services.
“Behind every Evernorth NMTC investment is a community working to create a stronger future.” said Evernorth’s President, Nancy Owens. “Through this award from FAME, Evernorth Rural Ventures can continue working with local Maine leaders to expand access to vital services and well-paying jobs; the kinds of investments that strengthen economies and improve everyday life in rural communities.”
Evernorth Vice President of Community Investments, Beth Boutin said, “Evernorth Rural Ventures targets projects that serve as economic engines, creating jobs and expanding access to vital community services such as healthcare, childcare, and food access. The FAME allocation will help broaden our work to revitalize Maine rural and low-income communities and strengthen the regional economies they support. We are excited to bring the Maine State Program to use in the variety of projects in our pipeline.”
In December 2025, ERV received its eighth NMTC award of $70 million from the U.S. Department of the Treasury’s Community Development Financial Institutions Fund to continue its successful economic and community development work in low-income areas. ERV deployed $49 million in NMTC allocation in 2025 to support projects that will create quality jobs and provide essential services in northern New England communities. Activity in Maine has included investment such as:
- $6.8 million in Lewiston, Maine for the construction of a new 11,000 square foot facility to enhance and expand the Trinity Jubilee Center’s community impact.
- $8.9 million in Belfast, Maine for the expansion and renovation of the Penobscot Community Health Care’s Seaport Community Health Center
If you are interested in learning more Evernorth Rural Ventures’ NMTC work, please contact Beth Boutin, Vice President of Community Investments at BBoutin@evernorthus.org or (802) 863-8424.
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Evernorth Rural Ventures, a subsidiary of Evernorth, is a qualified rural Community Development Entity (CDE) that uses its New Markets Tax Credit (NMTC) resources to support investment in the economic, environmental, and social well-being of northern New England communities and its regional economies. NMTC funds are used to retain and create quality jobs and 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.
About the federal New Markets Tax Credit Program: Historically, low-income communities experience a lack of investment, as evidenced by vacant commercial properties, outdated manufacturing facilities, and inadequate access to education and healthcare service providers. The New Markets Tax Credit Program (NMTC Program), made permanent by Congress in 2025, aims to break this cycle of disinvestment by attracting the private investment necessary to reinvigorate struggling local economies. The NMTC Program attracts private capital into low-income communities by permitting individual and corporate investors to receive a tax credit against their federal income tax in exchange for making equity investments in specialized financial intermediaries called Community Development Entities (CDEs). The credit totals 39% of the original investment amount and is claimed over a period of seven years. Since its inception the NMTC Program has awarded $81 billion, resulting in the creation or retention of more than 1.2 million jobs nationwide. It has also supported $143 billion in total development financing to construct 92.6 million square feet of manufacturing space, 108.6 million square feet of office space, and 76.1 million square feet of retail space. To learn more about the New Markets Tax Credit Program, visit https://www.cdfifund.gov/programs-training/programs/new-markets-tax-credit
About FAME and the Maine New Markets Capital Investment Program: Finance Authority of Maine (FAME) is a leading financial resource that creates business and educational opportunities through our willingness to invest at greater risk based on public benefit. FAME’s mission is to enrich business and educational outcomes through relevant, timely financial support to Maine’s people. FAME’s vision is a Maine where all people have access to improved economic outcomes through business growth and education attainment. The Maine NMTC stimulates economic growth and community development in low-income areas by attracting private investment through tax incentives. https://www.famemaine.com/business-financing/for-business-owners/fame-financing-programs/equity-capital-tax-credits/maine-new-markets-capital-investment/
