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Two views of the same kitchen from one of the Hibiscus Drive properties, before and after the SECU*RE revitalization.

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.

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