Evernorth

“The new Bangor Region YMCA demonstrates the power of new-markets tax credits to bring transformative capital to downtowns and rural communities,” said an Evernorth representative.

The nonprofit financing syndicator recently closed its second-larges investment fund for affordable housing in Maine, New Hampshire and Vermont. The latest round will help create 494 homes.

Westbrook Development Corporation is partnering with the city of Biddeford to build a 40-unit affordable housing complex — the first phase of the nonprofit’s broader housing development plan for Biddeford.

The purpose-built facility will enable Trinity Jubilee to expand capacity by approximately 10%, allowing it to serve more than 5,000 people each year.

The nonprofit financing syndicator focuses on affordable housing and community investments in Maine, New Hampshire and Vermont. The latest round will help create 492 homes.

Affordable housing projects are planned for Bath, Belfast, Bangor, Augusta and Lewiston, offering a total of 222 units.

Maine is a long way from solving the affordable housing shortage, but developers, investors, nonprofits and municipalities are chipping away at it.

Based in Portland and Burlington, Vt., Evernorth has raised and deployed more than $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.

More than 180 affordable housing units are planned under the Lewiston Choice Neighborhoods Initiative. Officials recently broke ground on Wedgewood, the first of two planned developments.