$61M investor fund will finance 5 Maine affordable housing projects

Provided / Lewiston Housing Authority Shown in a rendering, Wedgewood in Lewiston is the Lewiston Housing Authority's project with 82 apartments for families.

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By Laurie Schreiber

Evernorth has closed its latest multi-investor fund of $61 million, which will provide equity to finance 10 affordable housing projects in Maine, New Hampshire and Vermont.

The housing capital syndicate, based in Portland and in Burlington, Vt., has a mission of advancing the development of affordable housing in the three states.

Fifteen investors committed the equity to Evernorth’s Housing New England Fund V as a financial resource for the region’s critical affordable housing needs.

Of the 10 developments that will be financed, five are in Maine. Here they are, including the developer, number of units and amount invested by Evernorth's Housing New England Fund V:

Davis Road, Bangor. Developers: Bangor Housing Authority/Bangor Housing Development Corp., 32 apartments for adults 55 and older, $1.9 million.
Congress Square Commons, Belfast: Developers Collaborative, 36 apartments for families, $8.2 million.
Oak Grove Commons, Bath: Realty Resources, acquisition and rehabilitation housing project comprised of 34 apartments for families, $7.4 million.
Wedgewood, Lewiston: Lewiston Housing Authority with Avesta Housing serving as development consultant, combination of acquisition and rehabilitation plus new construction comprised of 82 apartments for families, $10.3 million.
99 Western Ave., Augusta: Mastway Development, 38 new apartments for families, $3.5 million.

Evernorth has raised and deployed over $1.5 billion in equity capital for affordable housing, building more than 17,000 affordable homes for low- and moderate-income people across northern New England.

Fund V investors included 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, Evernorth’s president.

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 and chief program officer.

Of the 10 properties financed by Fund V, nine are projected to be completed this year to create 371 homes. In addition to the properties in Maine, one is in New Hampshire and four are in Vermont.

Evernorth was created by a merger of Housing Vermont and Northern New England Housing Investment Fund in 2020.

Local banks contributing to Fund V included Bangor Savings Bank, which committed $4 million, and Bath Savings, which committed $1.25 million, according to a separate news release.

Evernorth said it plans to unveil Housing New England Fund VI later this summer.