Evernorth Rural Ventures wins $70M New Markets Tax Credits allocation

MONTPELIER, Vt. — Evernorth Rural Ventures, a subsidiary of Evernorth, has been awarded a $70 million allocation of New Markets Tax Credits from the U.S. Treasury Department’s Community Development Financial Institutions Fund, the organization said.

The allocation is intended to support financing for projects in qualifying low-income areas, backing business growth and community development efforts. Vermont Business Magazine reported the award, noting it is Evernorth Rural Ventures’ eighth NMTC allocation and follows the Treasury announcement dated Dec. 23, 2025.

New Markets Tax Credits are commonly used to catalyze private investment in projects that might otherwise struggle to secure conventional financing. Deals often blend NMTC financing with other public and private sources for manufacturing expansions, housing, health facilities, and community infrastructure.

Evernorth has previously been involved in Vermont projects through its rural investment work, including earlier efforts tied to manufacturing expansion. While the new $70 million allocation is not a direct grant to a single Vermont company, it can influence capital availability for multiple projects across the state and region.

Economic development groups say tools like NMTC matter in rural states where construction costs are high, commercial rents are lower than in big cities, and bank underwriting can be conservative. NMTC financing can help close a “gap” in the capital stack, accelerating projects that generate jobs and expand local tax bases.

Evernorth Rural Ventures did not immediately list specific Vermont projects tied to the latest allocation in the initial report. Still, financing announcements often precede a pipeline of deals over the following months, as sponsors identify eligible developments and assemble partners.