RALEIGH, N.C. – State Employees CU has approved a low-interest loan to build subsidized apartments in Dare County, part of the credit union giant’s plans to provide low-rent housing for the state’s teachers.
The $2.2 million loan will finance a 24-unit apartment project that will provide rentals for teachers in the district, where affordable housing is in short supply. The project, to be built in Kill Devil Hills, would be similar to one funded last year by the SECU Foundation in Hereford County. That project was completed in July and the 24 apartments were rapidly rented.
Officials at the $15 billion credit union hope the projects serve as a prototype and plan to build similar projects around the state to help house teachers. The SECU Foundation is reviewing projects in three additional counties.
The SECU Foundation, just three years old, has become the largest educational patron in North Carolina through its $7 million in annual scholarships to every one of the state’s public colleges.
