Evernorth has closed its third multi-investor fund to provide equity to finance 17 affordable housing developments.
The organization announced that its $82.5 million Housing New England, Fund III, will invest in seven developments in Maine, five in New Hampshire, and five in Vermont, creating 702 affordable apartment homes. Ten of the developments are in construction.
“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, co-president of Evernorth.
Fund investors include community, regional, and national banks as well as one of the nation’s largest mortgage banking organizations.
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 a reliable return on their investments, the community banks and the regional and national companies that have invested with the Housing New England, Fund III, will help to build or renovate tangible, long-lasting affordable housing resources throughout northern New England,” said co-president Bill Shanahan.
The nonprofit has a pipeline of high-quality community developments, and it plans to unveil another investment fund—Housing New England, Fund IV—in the spring.