Evernorth Loan Fund

Evernorth Loan Fund

Organization: Evernorth (formerly Housing Vermont and Northern New England Housing Investment Fund)

Geographic Scope: Maine, New Hampshire, and Vermont

Overview: Evernorth offers lending programs to support affordable housing development and preservation. The organization provides multiple types of financing including:

Lending Programs

• Pre-development financing - Early stage capital for affordable housing projects
• Bridge financing - Interim financing to bridge receipt of tax credit equity and other committed subsidies
• Permanent financing - Including energy upgrades in existing affordable housing stock
• Small capital loans - To affordable housing developers

Focus Areas

• Affordable housing development and preservation
• Production of affordable rental apartments
• Energy efficiency upgrades in existing affordable housing
• Support for low-income communities

Background

• Evernorth has provided lending to affordable housing for the past two decades
• In FY 2020, the organization received a $950,000 Capital Magnet Fund award to extend lending programs
• Expected to promote production and preservation of more than 500 affordable rental apartments over five years
• Lending targets below-market rates and terms

Contact Information

Deborah Flannery, Vice President of Lending

Application Process

Prospective applicants with qualifying projects should:

1. Download the intake form from the website
2. Submit the completed form via the online application portal
3. Contact the lending team for pre-development or bridge financing inquiries

For more information, contact: