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CU System
SECU partners on IDAs for homeownership
RALEIGH, N.C. (2/18/10)--State Employees’ CU (SECU), Raleigh, N.C., will serve as the primary financial institution for a program that will offer eastern North Carolina residents individual development accounts (IDA) to help them purchase homes. SECU is supporting River City Community Development Corp.’s efforts to help residents attain homeownership with grant funding from the North Carolina Department of Labor. The grant will help create the IDA programs in the state. SECU will open IDAs for current and potential members who quality for the program. The program will allow residents of Chowan, Fates, Pasquotank, Dare, Camden, Currituck and Perquimans counties to open IDA accounts and receive matching funds to make a down payment on a home. Every dollar saved up to $1,000 will be matched at a 2-to-1 ratio. “Northeastern regions of our state have higher concentrations of low-income residents who often struggle to save and attain long-term goals such as homeownership,” said Tyrone Tyler, senior vice president of SECU’s Elizabeth City-Halstead Boulevard branch. SECU has $18 billion in assets.


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