Three housing developments in Maine were among 10 approved for financing through an $81.75 million investor fund pulled together by Evernorth, a nonprofit financing syndicate that provides affordable housing and community investments in Maine, New Hampshire and Vermont.
Evernorth, based in Portland and Burlington, Vt., recently closed Housing New England Fund VII, with 19 investors committing the equity, according to a news release.
Of the 10 properties and 494 homes financed by Fund VII, three of the projects are in Maine, two in New Hampshire and five in Vermont, with nearly 60% of the equity going to rural communities across the three states. Five projects with 221 homes are under construction and are projected to be completed and ready for leasing in 2026.
“These investments will create homes for hundreds of people, including working families, older adults and individuals who might otherwise have difficulty finding housing in today’s market,” said Cynthia Lacasse, Evernorth’s executive vice president and chief program officer.
Maine projects
In Maine, Fund VII is providing a $7.1 million equity investment to the DeWitt, which will have 104 affordable apartments for families, developed by Portland-based Avesta Housing for the Lewiston-Auburn Area Housing Development Corp. Portland-based Kaplan Thompson is the architect and Falmouth-based Penobscot General Contractors is the builder.
The project is under construction and the apartments are expected to be ready in 2027.
The fund is providing a $10.5 million equity investment for 40 new affordable apartments for families, currently under construction in Biddeford.
Details on the third development were unavailable.
Evernorth closed Housing New England, Fund VII, on April 2. The fund is the second largest in Evernorth’s history, providing equity financing to support the development and preservation of affordable housing across Maine, New Hampshire, and Vermont.
Evernorth raises capital for affordable housing investments by syndicating federal low-income housing tax credits, as well as historic and energy investment tax credits.
Fund VII’s investors include community, regional and national banks as well as one of the nation’s largest mortgage banking organizations.
Evernorth said it will unveil its next round of funding later this summer.
Over its 35-year history, the nonprofit has raised and deployed over $1.6 billion in equity capital, helping create more than 17,000 affordable homes for low- and moderate-income people across northern New England.
