The Sconi

Evernorth has successfully closed Housing New England, Fund VI, securing $64,250,000 in equity for affordable housing development across Maine, New Hampshire, and Vermont. This investment includes contributions from sixteen investors, among them being community, regional, and national banks, and one of the nation's largest mortgage banking organizations.

"Mascoma Bank's $1 million investment in Evernorth's HNE Fund VI reflects our ongoing commitment to affordable housing in communities we serve," stated Jimmy Williams, Chief Financial Officer at Mascoma Bank. Mascoma's history with Evernorth highlights a consistent focus on housing initiatives.

Nancy Owens, President of Evernorth, emphasized the importance of such partnerships: "Through their partnership with Evernorth and their commitment to affordable housing, the investors in the Housing New England Fund are financing great housing, strengthening communities, and improving the local economy."

The fund, supported by syndication of federal Low-Income Housing and Historic tax credits, alongside various state and housing credits, is positioned to provide both financial returns and community benefits. Cynthia Lacasse, Evernorth's Executive Vice President & Chief Program Officer, noted, "The community banks and the regional and national companies that have invested with the Housing New England, Fund VI will help to build or renovate tangible, long-lasting affordable housing resources."

Fund VI aims to create or renovate 492 homes across the three states with ongoing projects expected to deliver 117 homes in 2025. Over its operational span, Evernorth has mobilized over $1.6 billion without encountering recapture or foreclosure issues, consistently meeting investment targets.

The demand for affordable housing persists and is being addressed with ongoing Evernorth projects. The organization plans to launch Housing New England, Fund VII in the coming summer.

Mascoma Bank, established over 126 years ago, operates with a mission of effecting positive change through its services across Northern New England, supported by its status as a $2.9 billion mutual community bank and Certified B Corporation.

Evernorth, based in Burlington, VT, remains dedicated to delivering affordable housing and investment solutions to support community growth in northern New England, having raised over $1.5 billion in equity for housing and built over 17,000 homes for low- and moderate-income households.