Evernorth Finalizes $20 Million Investment for Bennington High School Redevelopment

Deal News | Jul 31, 2025 | Housing Vermont Inc

Evernorth Finalizes $20 Million Investment for Bennington High School Redevelopment

Evernorth has announced the completion of funding for the redevelopment of the historic Bennington High School in Vermont, transforming it into a mixed-use space for affordable housing and community services. This initiative, in collaboration with the Vermont Housing Initiative and other local stakeholders, involves a $14.2 million investment via the New Markets Tax Credit provided by Evernorth Rural Ventures and an additional $6.1 million through the Low Income Housing Tax Credit program. The project aims to address the need for housing across all income levels and includes a senior center, childcare facilities, and community spaces among other amenities. The complex financing also includes contributions from federal, state, and local entities, alongside investments from Mascoma Community Development and the National Trust Community Investment Corporation. Evernorth’s efforts highlight their ongoing commitment to economic development in northern New England through substantial community-focused investments.

Sectors

  • Real Estate Development
  • Community Development
  • Affordable Housing

Geography

  • United States – The project takes place in Vermont, United States, highlighting investments in American affordable housing and community services.
  • Vermont – The principal location of the Bennington High School redevelopment project and the primary area benefiting from the investment.

Industry

  • Real Estate Development – The article discusses the redevelopment of Bennington High School, a real estate development project focused on providing mixed-use facilities including affordable housing.
  • Community Development – Evernorth’s investment is part of a community development effort to enhance local infrastructure and provide essential services in Bennington, Vermont.
  • Affordable Housing – The project is centered around developing affordable housing options, utilizing funding from programs like the Low Income Housing Tax Credit.

Financials

  • $14.2 million – New Markets Tax Credit allocation provided by Evernorth Rural Ventures.
  • $6.1 million – Investment through the Low Income Housing Tax Credit program for affordable apartments.
  • $15 million – NMTC authority issued by Mascoma Community Development.
  • $5 million – NMTC authority issued by the National Trust Community Investment Corporation.

Participants

NameRoleTypeDescription
EvernorthPrivate Equity FirmCompanyA nonprofit serving northern New England with affordable housing and community investments.
Bennington High SchoolTargetCompanyThe site being redeveloped into mixed-use facilities including affordable housing.
Vermont Housing InitiativeProject SponsorCompanyReal estate development firm focused on revitalizing historic or underutilized properties.
Evernorth Rural VenturesCommunity Development Financing ArmCompanySubsidiary providing funds through New Markets Tax Credit allocation.
Mascoma Community DevelopmentFinancing EntityCompanyProvided $15 million in NMTC authority for the project.
National Trust Community Investment CorporationFinancing EntityCompanyProvided $5 million in NMTC authority for the initiative.