SECU Foundation celebrated a new affordable teacher housing project with
Dare County Schools and the Dare Education Foundation at a recent
groundbreaking ceremony held on March 10, 2008. The event took place at
the building site located adjacent to Jockey’s
Ridge State Park and three local public schools located in Kill Devil
Hills. Approximately 100 guests including various school
representatives, SECU Foundation Board of Directors, SECU Advisory Board
members and local officials attended the event. This groundbreaking
marked the beginning of the second project of its kind, with the first
located in nearby Hertford County. Each housing initiative assists the
local public school system with teacher recruitment and retention.
Dare County, located on the Outer Banks of North Carolina, is a popular
tourist location and the home of several national historic attractions.
Living costs within the county are extremely high compared to many
neighboring counties. Likewise, new teachers struggle to find affordable
housing and are discouraged when pursuing teaching positions within the
area. Upon hearing about the success of the Hertford County initiative,
Dare Education Foundation approached its local State Employees’
Credit Union office to discuss the possibility of SECU Foundation
assistance. The grant request was submitted and approved by the SECU
Foundation Board in 2007.
The new 24-unit apartment complex is slated to be complete and available
for new teachers by August 1, 2008. The location is prime, as the
complex will be located within walking distance of three Dare County
public schools – First Flight Elementary,
First Flight Middle and First Flight High. Another notable landmark near
the site is the Wright Brothers National Memorial.
Tom King, Immediate Past Chairman of SECU Foundation Board of Directors
comments, “SECU Foundation is pleased to be
working with Dare County Schools and Dare Education Foundation to
provide teacher housing in an area where new teachers struggle to find
affordable residences because of the exceptionally high cost of living.
Each SECU Foundation-approved teacher housing initiative reaffirms SECU
members’ desire to make a positive impact in
the areas of housing and education in North Carolina.”
As with the Hertford County project, the funding concept behind this
initiative is a unique one. SECU Foundation is supplying $2.25 million
to the project through a 0% interest loan for design and construction of
the unit. As the funds are repaid through rental income, the SECU
Foundation will recycle the funds to build additional units in other
counties throughout North Carolina. Mr. King adds, “This
Foundation project is one that can be replicated in counties across our
State. Our Foundation and Credit Union are founded on a ‘People
Helping People’ philosophy. By helping today’s
youth obtain a quality education, SECU members are providing hope for
the success of North Carolina schools and students.”
About SECU and the SECU Foundation
SECU is a non-profit financial cooperative owned by its members. SECU
has been providing the employees of the State of North Carolina and
their families with consumer financial services for 70 years. Currently
serving 1.4 million members, SECU provides services through more than
215 branches, 975 ATMs, two call centers and a website –
www.ncsecu.org. The SECU Foundation,
a 501c (3) charitable organization approved by the Internal Revenue
Service, promotes local community development primarily through high
impact projects in the areas of education, health and human services.
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