Raleigh, N.C. (12/10/12)--State Employees' CU (SECU) members helped fill the housing needs of North Carolina teachers with a $2.4 million, 0% interest-free loan.
Local representatives assist in the groundbreaking of the Echo Ridge Teacher Housing Complex located in Raeford, NC. The project was helped made possible by a $2.4 million 0% interest-free loan from the SECU Foundation, the charitable arm of State Employees' CU, Raleigh, N.C. (Photo provided by State Employees' CU)
The loan will assist in the construction of the Echo Ridge Teacher Housing Complex located in Raeford, N.C. The new complex will provide a safe and affordable housing option for new and current teachers in Hoke County and serve as a recruitment incentive for the school system.
The SECU Foundation provided the loan funding through a partnership with the Partners for Hoke County Public Schools Education Foundation. A groundbreaking ceremony was held in November for the 24-unit, two-bedroom apartment complex, with Raeford City and Hoke County representatives and SECU and Hoke County school officials on hand.
The complex is scheduled for completion in July.
This is the fourth teacher housing initiative supported by the SECU Foundation. Several North Carolina counties have struggled with recruitment and retention of teachers due to lack of affordable housing. As a result of the housing shortage, some teachers sought jobs in other counties where housing was more affordable and abundant.
The funding concept for Echo Ridge is one that has been replicated from SECU Foundation's first housing initiative that began in 2006. As funds for the $2.4 million construction loan for Echo Ridge are repaid through rental income, SECU Foundation will recycle those assets to be used for future projects in other counties throughout North Carolina.