Mascoma Bank Invests $2.5 Million in Evernorth’s Affordable Housing Fund - Mascoma Bank

Mascoma Bank Invests $2.5 Million in Evernorth’s Affordable Housing Fund

author imagePosted by Mascoma Bank on July 6, 2023

On June 15, 2023, Evernorth closed its fourth multi-investor fund—Housing New England, Fund IV. This fund will provide equity to finance affordable housing in Maine, New Hampshire, and Vermont.

Fourteen investors committed a total of $54,050,000 in equity, making Housing New England, Fund IV (HNE Fund IV) a significant financial resource for the region’s critical affordable housing needs. Mascoma Bank invested $2.5 million into this fund. HNE Fund IV’s investors include community, regional, and national banks, as well as one of the nation’s largest mortgage banking organizations.

“Housing is a necessity for strong communities, and we are actively pursuing partnership opportunities to create affordable housing in Northern New England,” said Clay Adams, President and CEO of Mascoma Bank. “Evernorth offers expertise in deploying capital to build housing that serves low- and moderate- income community members and we are pleased to partner with them to make a positive impact on our region’s housing crisis.”

“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, Evernorth.

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 IV will help to build or renovate tangible, long-lasting affordable housing resources throughout northern New England,” said Bill Shanahan, Co-President, Evernorth.

All the projects that are receiving funding from Housing New England, Fund IV have been identified, and nine are in construction. In all, the Fund will invest in 10 total developments, with five in Maine, two in New Hampshire, and three in Vermont, creating 419 affordable apartments.

The need for affordable housing in all three states remains strong. Evernorth has a pipeline of high-quality community developments which need financing and so will be unveiling another investment fund – Housing New England, Fund V – later in summer 2023.