SECU Foundation — the member-funded charitable organization of the $25.3 billion State Employees’ Credit Union — is supporting the construction of a new teacher housing complex in Raeford, N.C. by contributing a $2.4 million, 0% interest loan, the foundation said.
The advisory board at Raleigh-based SECU’s Raeford branch initiated a proposal to the SECU Foundation for the new Echo Ridge Teacher Housing Complex, which the SECU Foundation said will address teacher recruitment and retention issues in North Carolina’s Hoke County schools by providing a safe and affordable housing option for new and current teachers.
The foundation said it will provide the construction loan through the Partners for Hoke County Public Schools Education Foundation in Raeford. The complex will hold 24 two-bedroom apartments and is slated for completion in July 2013, SECU Foundation said.
“We are proud to work with Partners for Hoke County Public Schools Education Foundation to support the construction for Echo Ridge,” said Jim Barber, board chair for SECU Foundation. “This complex will make a positive impact on education through increased recruitment of highly qualified new and lateral entry teachers, providing the best possible educational opportunities for the children of Hoke County.”
The Echo Ridge Teacher Housing Complex is SECU Foundation’s fourth teacher housing initiative in North Carolina. Similar to its first teacher housing initiative, 2006’s Hertford Pointe, the foundation said it will recycle the rental income earned at the Echo Ridge Teacher Housing Complex for future projects in the state.