Affordable housing nonprofits, one in Maine and the other in Vermont, are merging and aiming to offer their financing and development services in New Hampshire, as well as in their home states.
Northern New England Housing Investment Fund and Housing Vermont announced July 30 they were uniting as a single entity. The new regional organization, now named Evernorth, will build on the track record of its two nonprofit organizations by bringing together experienced professional staff to raise capital, invest in and build affordable housing, and improve our environment through energy efficiency.
“Maine, New Hampshire, and Vermont face so many similarities with a shortage of affordable housing and the need for community investment” Nancy Owens, co-president of Evernorth, said in a statement. “We want all of our partners and stakeholders to know that this exciting merger will allow us to garner more resources, increase and enhance our services, while at the same time remaining closely attuned to local needs.”
For over thirty years the organizations have built more than 13,000 affordable homes for low– and moderate–income people and raised more than $1 billion in equity capital for affordable housing throughout northern New England. In addition, the organization invests in sustainable commercial development and job creation through its subsidiary Evernorth Rural Ventures generating more than $58 million in new capital, leveraging an additional investment of $228 million resulting in more than 2,300 retained jobs, 597 permanent jobs, and 1,466 construction jobs.
The two organizations have financed dozens of projects in New Hampshire up to now, and Evernorth Rural Ventures provided part of the financing package to enable mass timber producer Bensonwood to expand its Walpole factory in recent years.
“In discussions over the past two years, it became evident that by combining resources and expertise, we could have substantially greater impact,” Evernorth Co-President Bill Shanahan said in a statement. “In addition, the two organizations share a deep culture of service and exceptional quality. This gave us confidence that, together, we will be even more successful across northern New England.”
With a full-time staff of 43, Evernorth’s offices are located in Portland, Maine and Burlington, Vermont. Evernorth will continue to offer all the services provided by its predecessor organizations. Services include raising capital for affordable housing, working with developers to finance new projects, and developing and owning real estate in Vermont, investing in growing businesses with New Market Tax Credits and supporting owners and investors with asset management services, and advocating for low income people and communities.