RALEIGH, N.C. – State Employees CU announced yesterday it has agreed to provide permanent financing for a new disabled veterans home in Durham, part of a new partnership it has struck with the North Carolina Housing Finance Agency.
The first project yesterday under its 0% financing for disabled housing program, a 24-unit affordable rental housing development for disabled veterans in nearby Durham.
The credit union’s non-profit SECU Foundation will provide $655,000 in low-interest financing to the Maple Court Apartments, which is being developed in partnership with the Housing Finance Agency, the city of Durham and the U.S. Veterans Administration.
Earlier this week, the SECU Foundation announced a deal with the NHHFA to provide 0% loans to local non-profits to help them build affordable housing for disabled people.
The SECU Foundation, which has the largest endowment of any credit union foundation, also provides 0% financing to develop affordable housing for teachers in North Carolina. So far, the Foundation has funded two teacher projects.
The SECU Foundation also funds one of the most ambitious scholarships in the country providing a total of $4 million a year to grant one scholarship to every one of the state’s 355 public high schools to go to a North Carolina university or community college.
