DURHAM, N.C. State Employees’ CU is partnering with the City of Durham to help rehabilitate foreclosed homes in distressed neighborhoods through its recently formed property management CUSO, SECU*Real Estate, or SECU*RE.
In low-wealth Durham neighborhoods, SECU said foreclosures, abandoned properties and absentee landlords have led to a decline in safety, increased crime and lower property values, translating into a breakdown in economic growth and social equity. SECU*RE is working with community partners to renovate several SECU foreclosures in one Durham community. The internal and external home improvements meet, and in some cases exceed, the building requirements, which organizers say is helping to create a safe and inviting neighborhood for area renters and homeowners.
The $27-billion credit union signed a Pledge of Support with the city to develop and implement a cooperative model it said will help mitigate foreclosures elsewhere in North Carolina.
The project initially has targeted approximately 14 properties on Hibiscus St. in Durham that SECU plans to renovate and rent out. The credit union took ownership after foreclosing on home loans that were in default.
“There is a critical need to reinvest in our neighborhoods and be part of the solution for North Carolina communities,” said David King, an SECU director. “With the support of the City of Durham and other community groups, we will make a difference for the citizens of this area and use this partnership model to positively impact other neighborhoods across the state.”
