Three housing developments in Maine were among 10 approved for financing through an $81.75 million investor fund pulled together by Evernorth, a nonprofit financing syndicate that provides affordable housing and community investments in Maine, New Hampshire and Vermont.
Evernorth, based in Portland and Burlington, Vt., recently closed Housing New England Fund VII, with 19 investors committing the equity, according to a news release.
Of the 10 properties and 494 homes financed by Fund VII, three of the projects are in Maine, two in New Hampshire and five in Vermont, with nearly 60% of the equity going to rural communities across the three states. Five projects with 221 homes are under construction and are projected to be completed and ready for leasing in 2026.
In Maine, Fund VII is providing a $7.1 million equity investment to the DeWitt, which will have 104 affordable apartments for families, developed by Portland-based Avesta Housing for the Lewiston-Auburn Area Housing Development Corp. Portland-based Kaplan Thompson is the architect and Falmouth-based Penobscot General Contractors is the builder.