Mascoma Bank invests in Evernorth Fund to support affordable housing development

Evernorth closed Housing New England, Fund VI on March 19, 2025. ​ This fund will provide equity to finance affordable housing in Maine, New Hampshire and Vermont. ​

Sixteen investors committed a total of $64,250,000 in equity making Housing New England, Fund VI (HNE Fund VI) a significant financial resource for the region's critical affordable housing needs. ​ HNE Fund VI's investors include community, regional, and national banks as well as one of the nation's largest mortgage banking organizations. ​

"I am pleased to announce Mascoma Bank's $1 million investment in Evernorth's HNE Fund VI. ​ This marks Mascoma Bank's fifth investment in Evernorth's Housing New England funds and underscores the Bank's commitment to supporting affordable housing development in the communities that we operate in," said Jimmy Williams, Chief Financial Officer at Mascoma Bank. ​

"Through their partnership with Evernorth and their commitment to affordable housing, the investors in the Housing New England Fund are financing great housing, strengthening communities, and improving the local economy," said Nancy Owens, 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 receiving a reliable return on their investments, the community banks and the regional and national companies that have invested with the Housing New England, Fund VI will help to build or renovate tangible, long-lasting affordable housing resources throughout northern New England," said Cynthia Lacasse, Evernorth's Executive Vice President & Chief Program Officer. ​

Of the 10 properties financed by Fund VI, three of them are projected to be complete in 2025 and create 117 homes. ​ Four of the properties are in Maine, one is in New Hampshire, and five are in Vermont and together will result in 492 homes. ​ In the 37 years Evernorth has operated in northern New England it has raised and deployed over $1.6B and has never had a recapture or foreclosure event. ​ Evernorth's investment funds have consistently delivered targeted investment returns. ​

The need for affordable housing in all three states remains strong. ​ Evernorth has a pipeline of high-quality community developments which need financing and will be unveiling Housing New England, Fund VII later this summer. ​

Mascoma Bank is a $2.9 billion mutual community bank and Certified B Corporation with 28 branches and two loan production offices throughout Northern New England. The bank has a 126-year history and aims to be a force for positive change for its customers, communities, and employees. Member FDIC and Equal Housing Lender. Learn more at mascoma.ban.

Evernorth, based in Burlington, VT, is a nonprofit organization that provides affordable housing and community investments in Maine, New Hampshire, and Vermont. Evernorth has raised and deployed over $1.5 billion in equity capital for affordable housing, building more than 17,000 affordable homes for low- and moderate-income people across northern New England. www.evernorthus.org