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Bath Savings Invests in Housing New England Fund V

Bath, Maine – (June 17, 2024) Evernorth, a nonprofit organization that provides affordable housing and community investments in Maine, New Hampshire, and Vermont, has closed Housing New England (HNE), Fund V. This fund will provide equity to finance affordable housing in Maine, New Hampshire, and Vermont.

Bath Savings committed $1.25 million to invest in HNE Fund V, which totals $61 million in equity committed by 15 community, regional, and national banks. The fund is a significant financial resource for the region’s affordable housing needs.

“Affordable housing is critical to maintaining thriving communities along the coast of Maine and beyond,” said Julie Wagoner, SVP Commercial Lending and Community Development at Bath Savings. “We are pleased to partner with Evernorth to help find solutions for our neighbors in need of housing.”

“The community banks and the regional and national companies that have invested with the Housing New England, Fund V 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.

Evernorth raises equity by syndicating federal Low-Income Housing and Historic tax credits as well as various state, historic, and affordable housing credits. Of the 10 properties financed by Fund V, nine are projected to be complete in 2024 and create 371 homes. Five of the properties are in ME, one in NH, and four are in VT. Since Housing Vermont and Northern New England Housing Investment Fund merged in 2020 to become Evernorth, it has raised $323 million for Affordable Housing through its multi-investor platform.