A CUSO created to help a credit union manage foreclosed property has begun to play a role in a city's economic redevelopment.
The $26.7 billion State Employees' Credit Union, headquartered in Raleigh, N.C., launched its real estate CUSO in February 2013 to help it handle roughly $49 million in foreclosed real estate. The for-profit SECU*RE remodels, restores and revitalizes property for sale on the open market, and does the same for property the credit union owns and rents, said Mark Twisdale, SECU's senior vice president of human resources and executive director of the SECU Foundation.
Twisdale reported that the effort has been bearing fruit. In the roughly six months since it began, SECU*RE has helped remove approximately 200 units from the credit union's books, reducing the number of foreclosed properties from about 500 to 200.
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