SECU Foundation Breaks Ground on Another N.C. School Housing Project
KILL DEVIL HILLS, N.C. -- Another economically disadvantaged North Carolina county will be able to help stabilize its teaching population thanks to a project being financed by the State Employees' Credit Union Foundation.
Several economically disadvantaged North Carolina counties have suffered from high teacher turnover in recent years because prospective teachers could not find affordable housing in the communities where their schools were located. The foundation stepped in to help in Hertford County by financing the development of a housing project that the school district can offer to teachers at an affordable rent. The housing is close to the teachers' schools, and the rental income repays the construction loan. Now, it is doing something similar in Dare County, a county on North Carolina's Outer Banks.
The Outer Banks is an extremely popular site with vacationers and tourists but has a high cost of living and housing for yearlong residents, including teachers. The foundation is providing the county with a $2.25 million 0% interest loan to develop a new 24-unit complex scheduled to open for teachers to rent Aug. 1 of this year. Officials from the county, schools and the foundation broke ground on the project on March 21.
Tom King, immediate past chairman of SECU Foundation board of directors commented, "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."
"This foundation project is one that can be replicated in counties across our state," he added. "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."