Evernorth

Name

Evernorth

Legal name

Evernorth

Website

https://evernorthus.org

Company type

Private

Founded year

2020

Operating status

Operating

Headcount range

11–50 employees

Ownership category

akta.pro rank

Product category

Affordable Housing Finance and Community Development

NAICS

Real Estate Property Managers (53131), Rental and Leasing Services (532), Trusts, Estates, and Agency Accounts (52592)

SIC

Real Estate (6500), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Affordable Housing & Community Development (Housing, Community Land Trusts) (BPAGALAC)

Keywords

• Affordable housing finance
• Low-income housing tax credits
• New markets tax credits
• Community development lending
• Nonprofit housing syndication

Headquarters

HQ city

Burlington

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Tax Credit Syndication Fees: Evernorth generates revenue by syndicating federal Low-Income Housing Tax Credits (LIHTC), historic tax credits, and energy investment tax credits, raising equity from banks and institutional investors to finance affordable housing developments. Housing Vermont (now part of Evernorth) has raised more than $255 million in equity through this channel.
2. New Markets Tax Credit (NMTC) Allocation & CDE Activity: As a qualified rural Community Development Entity, Evernorth Rural Ventures allocates federal and state NMTCs and earns related fees; the program has created favorable financing in excess of $240 million for 29 economic development projects in low-income areas. Recent awards include $70 million from the U.S. Treasury CDFI Fund and $10.4 million from the Finance Authority of Maine.
3. Evernorth Loan Fund Interest Income: Below-market interest rate loans to developers and affordable housing owners for development and preservation of affordable housing in Maine, New Hampshire, and Vermont.
4. Asset Management & Consulting Fees: Asset Management services acting as owner representative for properties developed and owned in Vermont, plus syndicator oversight across Maine, NH, and VT, including reporting, compliance, and consulting services to affordable housing developers.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels7 records

Core offering

Evernorth is a nonprofit organization that develops, finances, and syndicates affordable housing and community investments across northern New England (Maine, New Hampshire, and Vermont). It raises and deploys equity capital through Low-Income Housing Tax Credit (LIHTC) pooled funds and New Markets Tax Credit (NMTC) allocations, provides below-market loans, owns and co-develops affordable rental properties, and delivers asset management, energy efficiency, and consulting services to affordable housing developers and institutional investors.

Product overview

Evernorth is a nonprofit organization delivering a unified affordable housing and community investment platform rather than a single software product. Its core offering is Affordable Housing Development — building and preserving more than 17,000 affordable homes across northern New England — supported by a portfolio of financial products and services that raise and deploy equity and debt capital: the Evernorth Funds (multi-investor LIHTC equity funds such as Housing New England Fund VII and the 481 Fund II), the Evernorth Loan Fund (below-market pre-development and project financing), Evernorth Rural Ventures (New Markets Tax Credits and a $70M federal / $10.4M Maine FAME allocation), and Asset Management Services that monitor the construction, lease-up, and ongoing compliance of every property across Maine, New Hampshire, and Vermont. Layered on top are operational programs and technology that improve the resident experience: Energy Services, the Parsons Platform cloud-based Data Acquisition System (predictive analytics for building energy optimization), Evernorth Connections (resident programming, partner support and research including annual Tenant Demographics reports), Digital Services (free public Wi-Fi piloted in 15 developments), and scholarship programs (the Robert Gensburg Scholarship Fund for residents and the Investing in Your Success Scholarship Fund for partner staff). Together these products form a vertically integrated nonprofit syndication and development company serving low- and moderate-income communities.

Differentiator

Problem solved

Functional benefit

Brands

• Evernorth Rural Ventures: Qualified rural Community Development Entity that uses New Markets Tax Credit resources to support investment in the economic, environmental, and social well-being of northern New England communities.
• Evernorth Loan Fund
• Parsons Platform
• Evernorth Connections

Products and services

• Affordable Housing Development Develops and preserves affordable rental housing for low- and moderate-income people across northern New England. Evernorth co-owns and co-develops properties with local housing trusts and developers, having built more than 17,000 affordable homes and apartments across Maine, New Hampshire, and Vermont.
• Evernorth Funds (Housing New England LIHTC Equity Funds)

Quantifiable outcome

• $1.6 billion+ in equity capital raised and deployed for affordable housing across northern New England
• +6 more outcomes

Named customers24 records

Segments5 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

AI capability4 records

Feature3 records

Partnerships

16 partnerships are on record, tiered core, flagship and minor.

• Vermont Gas Systems (VGS)coreStrategic or Co-development Partner · 30 March 2026Partnered with Evernorth and Champlain Housing Trust to install geothermal energy systems at Riggs Meadows, a 44-unit permanently affordable housing development in Hinesburg, Vermont. VGS covers an estimated $275,000 in up-front in-ground infrastructure costs; Evernorth and CHT pay for interior equipment. Construction slated to begin in 2026 with occupancy in 2027.
• Downstreet Housing & Community DevelopmentflagshipStrategic or Co-development PartnerRecurring co-owner and co-developer with Evernorth on multiple affordable housing developments across central Vermont. Co-developed Marsh House Apartments (26 permanently affordable units in Waterbury, VT, opened June 3, 2026) and Fox Run Apartments (30 affordable units in Berlin, VT, opened August 6, 2025). Downstreet also co-owns Sylvan Woods (22 LIHTC units in Stowe, VT) with Evernorth. Downstreet serves Washington, Orange, and Lamoille counties.
• Champlain Housing Trust (CHT)flagshipStrategic or Co-development PartnerEvernorth's most frequent co-development partner on signature Vermont projects including Bay Ridge (94 units in Shelburne, VT), Cambrian Rise (40 units in Burlington, VT), Riggs Meadows (44 units in Hinesburg, VT - geothermal project), Garden Street Apartments, Addison Housing, and the Old North End Community Center. CHT's representative Amy Demetrowitz sits on Evernorth Rural Ventures' Governing Board.
• Windham & Windsor Housing Trust (WWHT)coreStrategic or Co-development PartnerCo-owner and co-developer with Evernorth on Central & Main Apartments, a 25-unit highly energy-efficient permanently affordable apartment development on Main Street in downtown Windsor, Vermont (grand opening July 1, 2025; AGC/VT Best Builders Award winner for New Green Construction in 2025).
• Cornerstone Housing PartnerscoreStrategic or Co-development PartnerCo-owner and co-developer with Evernorth on Marble Village Apartments, a 24-unit affordable housing community in West Rutland, Vermont (grand opening November 17, 2025).
• Cathedral SquarecoreStrategic or Co-development PartnerCo-owner and co-developer with Evernorth on Kelley's Field II, a 24-unit permanently affordable apartment community for older adults (55+) in Hinesburg, Vermont (grand opening June 6, 2025).
• Vermont Housing Finance Agency (VHFA)coreImplementation/ SI/ Consulting PartnerAdministers federal tax credit equity investments on Evernorth's affordable housing developments. Provided $768,292 in permanent loan financing for Marsh House Apartments in Waterbury, VT. Source of tenant data for Evernorth's annual Tenant Demographics report.
• Vermont Community Loan FundcoreImplementation/ SI/ Consulting PartnerWill Belongia represents the Vermont Community Loan Fund on Evernorth Rural Ventures' Advisory Board. Co-financing partner on Laraway Youth & Family Services project.
• Avesta HousingcoreImplementation/ SI/ Consulting PartnerJohn Egan represents Avesta Housing on Evernorth Rural Ventures' Advisory Board. Avesta Housing is also the management agent and local development partner on multiple Evernorth properties including Cousens Apartments (28 family units in Kennebunk, ME) and Avesta Meadows II (48 senior units in Hampton Falls, NH).
• Vermont Garden NetworkcoreImplementation/ SI/ Consulting PartnerPartnership to deliver Evernorth's Community Garden Program, providing nearly 100 residents across Evernorth-supported housing with everything needed to start and maintain a garden, including cooking demos and nutrition workshops.
• River ArtscoreImplementation/ SI/ Consulting PartnerLocal nonprofit partner that co-created an art installation at Village Center Apartments with residents through Evernorth Connections.
• Children's Literacy FoundationcoreImplementation/ SI/ Consulting PartnerSponsors site-based library openings with Evernorth Connections as part of neighborhood events programming for residents.
• Upper Valley ServicesminorImplementation/ SI/ Consulting PartnerDownstreet partner that provides individualized support and services for residents of Marsh House Apartments with intellectual or developmental disabilities.
• Good Samaritan HavenminorImplementation/ SI/ Consulting PartnerDownstreet partner that provides individualized support services for residents of Marsh House Apartments who are experiencing or at risk of homelessness (5 of the 26 apartments are reserved for this population).
• Vermont Student Assistance Corporation (VSAC)coreImplementation/ SI/ Consulting PartnerAdministers applications for the Robert Gensburg Scholarship Fund for Evernorth residents. Contact: [email protected], (802) 654-3770.
• NMTC CoalitioncoreGTM or Marketing PartnerIndustry coalition that highlights Evernorth Rural Ventures investments in its national report (December 2024), showcasing three recent ERV investments across Maine, New Hampshire, and Vermont.

Scale indicators12 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Massachusetts Housing Investment Corporation: Boston-based nonprofit CDFI and NMTC allocatee that co-invests alongside Evernorth Rural Ventures on multiple NMTC deals (Weidmann, GS Precision, Greater Burlington YMCA, Barre City Place). Directly comparable as a regional NMTC/LIHTC syndicator serving the broader New England market.
• Vermont Housing Finance Agency (VHFA): State housing finance agency that administers federal and state housing tax credits in Vermont and is a direct implementation partner on Evernorth projects (e.g., $768K permanent loan for Marsh House Apartments). Comparable mission and overlap in capital stack assembly, though state-chartered rather than nonprofit.
• Vermont Community Loan Fund: Montpelier-based nonprofit CDFI providing loans, investments, and advice to Vermont businesses, affordable housing developers, and community organizations. Sits on Evernorth's Advisory Board and co-finances projects (e.g., Laraway Youth & Family Services). Closely comparable mission and product set.
• Coastal Enterprises, Inc. (CEI): Brunswick, Maine-based nonprofit CDFI providing capital and business advisory to under-served communities and small businesses across Maine and northern New England. Comparable in providing below-market loans, NMTC allocations, and equity to rural businesses and affordable housing developers.

Broad incumbents

• Enterprise Community Partners: One of the largest national nonprofit CDFIs and affordable housing developers/syndicators. Comparable in its LIHTC syndication, NMTC allocation, and lending activities, though operating at significantly greater geographic and capital scale than Evernorth.
• Local Initiatives Support Corporation (LISC): National nonprofit CDFI that invests in affordable housing and community development across rural, suburban, and urban markets. Comparable syndication, lending, and NMTC activities, with active programs in Maine, New Hampshire, and Vermont that overlap Evernorth's territory.
• The Reinvestment Fund: National CDFI that finances affordable housing, health, education, and community development, including NMTC allocations and LIHTC equity. Comparable syndication and capital deployment model, though at significantly larger geographic and capital scale than Evernorth.

Regional players

• Maine State Housing Authority (MaineHousing): State housing finance agency for Maine that administers federal LIHTC allocations and below-market mortgage products. Directly comparable function to Evernorth in Maine, including overlap on Lewiston-area LIHTC deployments and HUD Choice Neighborhood initiatives.
• New Hampshire Housing Finance Authority: State housing finance agency for New Hampshire that allocates federal and state housing tax credits. Operates in one of Evernorth's three core states with overlapping affordable housing development pipeline and similar LIHTC syndication role.
• Vermont Housing and Conservation Board (VHCB): Vermont state agency that finances affordable housing and land conservation, including federal HOME funds and state appropriations. Major funder of Evernorth projects (e.g., $5.7M+ to Marsh House Apartments) and direct comparable in capital stack assembly for Vermont affordable housing.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/UCJFo3plHd5GKHaf4voBsp-Q
• Xx.com/evernorthus

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries1 record

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Evernorth