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SECU, Durham Ink Pledge To Rehabilitate Foreclosed Properties
RALEIGH, N.C. (8/9/13)--
Click to view larger image Inking a Pledge of Support to rehabilitate foreclosed properties in distressed neighborhoods and revitalize the local community are, from left:  Warren Peacock, senior vice president of the Durham Duke Street Branch of Raleigh, N.C.-based State Employees' CU;  David King, SECU Board member; Rick Hester of the City of Durham Neighborhood Improvement Services; and Sam Adams, SECU senior vice president-SECU*RE. (Photo provided by State Employees' CU)
State Employees' CU and the city of Durham, N.C., have signed a Pledge of Support aimed at rehabilitating foreclosed properties in distressed neighborhoods while working to revitalize the local community.
 
The pledge's goal is to develop and implement a cooperative model between the credit union as a lender and North Carolina communities, and set a new standard in responsible stewardship of lender-acquired properties, said the Raleigh, N.C.-based SECU.
 
SECU is setting its new standard through its new property management subsidiary, SECU*Real Estate (SECU*RE).
 
In Durham's low-wealth communities, the nearly $26 billion asset credit union noted, foreclosures, abandoned properties and absentee landlords have led to declined safety, increased crime and lower property values. Combined, these translate into a breakdown in economic growth and social equity, said SECU.  SECU hopes to work cooperatively with the city, its residents and other stakeholders to rehabilitate a local area.
 
Sam Adams, SECU's senior vice president of SECU*RE, is working with community partners to renovate several SECU-acquired properties in one Durham community. The internal and external home improvements meet and in some cases exceed the building requirements, helping to create a safe and inviting neighborhood for area renters and homeowners, said SECU. The upfit also provides more energy-efficient housing for residents.
 
"There is a critical need to reinvest in our neighborhoods and be part of the solution for North Carolina communities, said SECU Board member David King. "With the support of the City of Durham and other community groups, we will make a difference for the citizens of this area and use this partnership model to positively impact other neighborhoods across the state."
 
Raising awareness of credit unions' work and value they provide not only their members but their community is one of three legs of the Unite for Good campaign of the Credit Union National Association and the state credit union leagues and associations. The campaign aims to reach the strategic vision in which "Americans choose credit unions as their best financial partners." For more information, use the link.
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