RALEIGH, N.C. – State Employees CU announced yesterday it is partnering with the North Carolina Housing Finance Agency to provide 0% construction financing for affordable housing projects for people with disabilities and special needs.
The funding will be provided through the credit union giant’s non-profit SECU Foundation. The savings generated from the SECU Foundation loans will average about $50,000 per project. Each construction loan will be repaid by permanent financing previously committed to the project, allowing the funds to be recycled and available for future housing projects.The projects made possible through this partnership 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 initial housing facilities will be located in eight different counties.
