Skowhegan Savings joins 19 other investors who have committed a total of $60.7 million in equity making the second Housing New England Fund a significant financial resource for the region’s critical affordable housing needs. The fund’s investors include community, regional, national banks and one of the nation’s largest mortgage institutions.
“We realize the need for affordable housing in Maine remains strong,” said Rich St. Pierre, chief financial officer of Skowhegan Savings Bank. “This program not only creates affordable housing for Mainers but also provides job retention and creation in the management and development of these properties. As a mutual financial institution, it is our mission to make our communities a better place to live and work for Maine people. The Housing New England Fund aligns with these values and provides us with an excellent opportunity to invest in the economic growth of our communities."
“We raised capital from a wide range of investors and new partners enabling us to expand our reach to preserve and create much-needed affordable housing in these unprecedented times,” said Nancy Owens, co-president of Evernorth.
The organization, Evernorth, was created after it successfully closed its first Housing New England Fund in January of 2020. The original fund was a joint venture of Housing Vermont and the Northern New England Housing Investment Fund which deployed $64.5M across the three states of Maine, New Hampshire and Vermont. Evernorth, a member of the National Association of State and Local Equity Funds, raises equity by syndicating federal and state low-income housing, historic and affordable housing tax credits.
“In addition to a reliable return on their investments, the community banks and the regional and national companies that have invested with the second Housing New England Fund will help to build or renovate tangible, long-lasting affordable housing resources throughout northern New England,” said Bill Shanahan, co-president of Evernorth.
"We are especially appreciative that one of the developments supported by the Housing New England Fund is in the Town of Hartland, Maine," St. Pierre said. "When completed, the Hartland Senior Living Apartments will provide a much needed 30 unit senior housing facility in one of our rural communities."
Evernorth has a pipeline of high-quality community developments which need financing. They plan to raise more capital for affordable housing, creating operating efficiencies by providing a geographically diverse investment offering and lowering their costs of syndication by unveiling a third Housing New England Fund in the spring.
