Evernorth Loan Fund
Funding Amount
Varies
Deadline
Rolling / Open
Grant Type
foundation
Overview
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
How to Apply
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:
Focus Areas & Funding Uses
Fields of Work
Categories
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