Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
SECU assists with teacher housing complex
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. 

Click to view larger image 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.


RSS





print
News Now LiveWire
A recent report from @TransUnion says consumers born 1981 or later made up 27% of total auto-loan originations in 2014, up 16% from 2009.
8 hours ago
.@CUNA says new House bill is "further evidence" of lawmakers' interest in how @TheNCUA uses its funds from CUs. See News Now Monday.
1 day ago
.@MECreditUnions announces winner of @YoungFreeME #SoundOff contest. @Sassquatch_Band will play Old Port Festival in June @PDD_Downtown
3 hours ago
House Financial Services Com. to hold March 3 hearing to receive the semi-annual report of @CFPB Director Richard Cordray.
4 hours ago
Rep. Jeff Miller (R-Fla.) re-introduced bill to ease veterans' access to loans for #smallbusiness purposes from a #creditunion (HR 1133)
5 hours ago