SECU members help finance supportive housing complex for Wilmington residents
RALEIGH, NC (November 17, 2016) — Construction is underway for Pearce House, a permanent supportive housing complex developed by Housing and Economic Opportunities (HEO), Inc., with the help of the Foundation’s interest-free loan of nearly $413,000. SECU Foundation worked in conjunction with the North Carolina Housing Finance Agency (NCHFA) to provide construction financing for the single-unit apartments.
Housing and Economics Opportunities, Inc., a non-profit subsidiary of the Wilmington Housing Authority (WHA), has been working to develop affordable housing for low- and moderate-income residents since 1998. Pearce House apartments will be handicap accessible, with a bedroom, bathroom, kitchen/dining area and living room. Support and in-home care services for residents will be provided through the non-profit’s partnerships with the community, including Elderhaus, Inc.
“The Housing Authority of the City of Wilmington is pleased to be able to offer additional supportive housing units to the community upon completion of Pearce House,” said Katrina Redmon, WHA’s Chief Executive Officer. “We are very grateful to State Employees’ Credit Union members, the North Carolina Housing Finance Agency, the City of Wilmington, and Elderhaus, Inc. for their partnership and support, which has helped to make this possible.”
Cindy Miller, Vice President of SECU’s Wilmington-Randall Parkway branch commented, “This project is another great example of SECU Foundation working together with local agencies and non-profits to help address the great need for supportive housing in the Wilmington area. Creating safe, affordable places to live like Pearce House shows SECU members’ commitment and belief in helping their fellow neighbors and the communities in which they live.”
About SECU and the SECU Foundation
A not-for-profit financial cooperative owned by its members, and federally insured by the National Credit Union Administration (NCUA), SECU has been providing employees of the state of North Carolina and their families with consumer financial services for over 85 years. SECU is the second largest credit union in the United States with $50 billion in assets. It serves over 2.7 million members through 274 branch offices, over 1,100 ATMs, Member Services Support via phone, www.ncsecu.org, and a Mobile App. The SECU Foundation, a 501(c)(3) charitable organization funded by the contributions of SECU members, promotes local community development in North Carolina primarily through high-impact projects in the areas of housing, education, healthcare, and human services. Since 2004, SECU Foundation has made a collective financial commitment of over $235 million for initiatives to benefit North Carolinians statewide.
World Council has implemented 300+ technical assistance programs in 90 countries. Worldwide, 86,451 credit unions in 118 countries serve 375 million people. Learn more about World Council's impact around the world at www.woccu.org.
