Evernorth Closes $64.25 Million Fund for Affordable Housing
Funding | Mar 25, 2025 | Housing Vermont Inc
Evernorth, a nonprofit organization dedicated to affordable housing, announced the closure of Housing New England, Fund VI on March 19, 2025. This fund aims to provide $64.25 million in equity to support affordable housing developments in Maine, New Hampshire, and Vermont. Comprising 16 investors, including community, regional, and national banks, the fund is part of Evernorth's effort to address critical affordable housing needs in the region. The investment will finance 10 properties across the three states, collectively creating 492 homes, with 3 of the properties projected for completion in 2025. Since its inception, Evernorth has raised and deployed over $1.6 billion, aiding the construction of more than 17,000 homes throughout northern New England. The organization intends to continue its efforts with plans to introduce Housing New England, Fund VII later this year.
Sectors
- Real Estate
- Finance
Geography
- United States – Evernorth's operations and the newly closed fund specifically target the northeastern United States, particularly the states of Maine, New Hampshire, and Vermont.
Industry
- Real Estate – The focus on affordable housing development in Maine, New Hampshire, and Vermont directly pertains to the real estate industry, specifically within the sector covering residential development and investment.
- Finance – The article discusses equity financing for affordable housing, involving multiple investors, banks, and financial organizations, falling under the finance sector with a specific emphasis on investment finance.
Financials
- $64,250,000 – The total equity raised by Evernorth for Housing New England, Fund VI.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Evernorth | Private Equity Firm | Company | A nonprofit organization providing affordable housing and community investments in Maine, New Hampshire, and Vermont. |
| Investors | Investor | Company | Includes community, regional, and national banks as well as a major mortgage banking organization involved in the Housing New England, Fund VI. |
| Nancy Owens | President | Person | President of Evernorth, involved in the fund's announcement. |
| Cynthia Lacasse | Executive Vice President & Chief Program Officer | Person | Executive Vice President & Chief Program Officer at Evernorth. |