Multi-investor fund provides equity financing
Vermont Business Magazine Evernorth closed its fourth multi-investor fund - Housing New England, Fund IV – on June 15, 2023. This fund will provide equity to finance affordable housing in Maine, New Hampshire and Vermont.
Fourteen investors committed a total of $54,050,000 in equity making Housing New England, Fund IV (HNE Fund IV) a significant financial resource for the region’s critical affordable housing needs. HNE Fund IV’s investors include community, regional and national banks as well as one of the nation’s largest mortgage banking organizations.
“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, Co-President, Evernorth.
Nancy Owens speaks during the groundbreaking at CityPlace Burlington last fall, which will include 85 units of affordable housing. With her, from left, are Michael Monte, CEO of Champlain Housing Trust, and developers Dave Farrington and Scott Ireland. VermontBiz photo.
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 a reliable return on their investments, the community banks and the regional and national companies that have invested with the Housing New England, Fund III will help to build or renovate tangible, long-lasting affordable housing resources throughout northern New England,” said Bill Shanahan, Co-President, Evernorth.
All of the projects that are receiving funding from Housing New England, Fund IV have been identified, and 9 are in construction. The first new homes will be available in Bristol, VT in August. In all, the Fund will invest in 10 total developments, with 5 in Maine, 2 in New Hampshire and 3 in Vermont, creating 419 affordable apartments.
The need for affordable housing in all three states remains strong. Evernorth has a pipeline of high quality community developments which need financing and so will be unveiling another investment fund – Housing New England, Fund V – this summer.
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 billion in equity capital for affordable housing and built more than 15,000 affordable homes for low- and moderate-income people across northern New England.
Source: 6.26.2023. Burlington, Vermont. Evernorth www.evernorthus.org
