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CU System
SECU offers housing assistance through agency
RALEIGH, N.C. (12/3/08)--State Employees' CU (SECU) members, through the SECU Foundation, are teaming up with the North Carolina Housing Finance Agency (NCHFA) to provide 0% construction financing for supportive housing through local non-profits. NCHFA provides permanent financing to help non-profits build housing for persons with disabilities and special needs. SECU Foundation's loans will generate savings averaging about $50,000 per project. Permanent financing previously committed to the project will repay each construction loan. This allows the funds to be recycled and available for future housing projects, said SECU Foundation. The initial housing facilities will be located in eight counties and will represent housing for a variety of disabled and homeless individuals and families in North Carolina, including initiatives to address domestic violence and substance abuse. "The SECU Foundation's partnership with NCHFA will allow SECU members to assist many North Carolinians who are desperately in need of housing. 'People Helping People' is the philosophy our foundation was founded upon and these join housing projects embody the spirit of this philosophy, said foundation Board Chairman David King. "Individually it can be difficult to make a difference, but collectively, SECU members can accomplish great things in our state." According to NCHFA Chairman Lucius S. Jones, the partnership is the first of its kind. SECU Foundation's investment "makes it much easier for local organizations to produce housing for people with disabilities and special needs. People around the state will benefit from their initiative," Jones said.
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