Housing New England Fund II

Housing New England Fund II

Organization: Evernorth

Geographic Scope: Maine, New Hampshire, and Vermont

Fund Closed: January 29, 2021

Overview: Housing New England Fund II (HNE Fund II) is a multi-investor fund providing equity financing for affordable housing development and preservation across northern New England.

Fund Details

Total Capital Raised: $60.7 million from 19 investors

Investor Types:

Community banks

Regional and national banks

Major mortgage banking organizations

Funding Mechanism

Evernorth raises equity by syndicating:

Federal Low Income Housing Tax Credits

Historic Tax Credits

Various state, historic, and affordable housing credits

Projects Funded

Total Developments: 18 properties

9 in Maine

3 in New Hampshire

6 in Vermont

Total Affordable Units Created: 744 apartments

Development Status: All developments identified; 10 in construction at time of announcement

Leased Properties:

St Albans, Vermont

Livermore Falls, Maine

Investment Returns

Investors receive reliable returns on investment while supporting affordable housing development and community building across the region.

Background

Successful joint venture between Housing Vermont (HV) and Northern New England Housing Investment Fund (NNEHIF), which later merged to form Evernorth in July 2020. The success of Housing New England Fund II led to the organization planning Housing New England Fund III (unveiled Spring 2021).