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SECU Foundations teachers housing effort takes root
RALEIGH, N.C. (3/25/08)--SECU Foundation held a groundbreaking ceremony March 10 to celebrate its second new affordable teacher housing project.
Taking part in the groundbreaking ceremony for a new teacher housing project, sponsored in part by the SECU Foundation are, from left: David Oaksmith, chairman, Dare County Board of Education; Lynda Wood, chairman, Dare Education Foundation Board of Directors; Ray White, Board of Directors member, Dare Education Foundation; Warren Judge, chairman, Dare County Board of Commissioners; Tom King, immediate past chairman, SECU Foundation board of directors; and Steve Conrad, member, SECU Foundation board of directors. (Photo provided by SECU Foundation)
The project, done with Dare County Schools and Dare Education Foundation, marked the beginning of the second project of its kind, with the first located in nearby Hertford County. Each housing initiative assists the local public school system with teacher recruitment and retention. Because living costs in Dare County are high compared to many neighboring counties, new teachers struggle to find affordable housing and are discouraged when pursuing teaching positions within the area, according to the SECU Foundation. After hearing about the success of the Herftord County Initiative, Dare Education Foundation approached its local SECU office to discuss the possibility of SECU Foundation assistance. The grant request was approved by the SECU Foundation Board in 2007. “New teachers struggle to find affordable residences because of the exceptionally high cost of living,” said Tom King, immediate past chairman of the SECU Foundation board of directors. “Each SECU Foundation-approved teacher housing initiative reaffirms SECU members’ desire to make a positive impact in the areas of housing and education in North Carolina.” The new 24-unit apartment complex is slated to be available for new teachers by Aug. 1. The complex will be located within walking distance of three Dare County public schools. SECU Foundation is supplying $2.25 million to the project through a 0% interest loan for design and construction of the unit. As the funds are repaid through rental income, the SECU Foundation will recycle the funds to build additional units in other counties throughout North Carolina. The event was held at the building site with about 100 guests, including various school representatives, the SECU Foundation Board of Directors, SECU Advisory Board members, and local officials.
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