|Pictured (from left): Warren Peacock – SECU SVP-Durham Duke Street branch, David King – SECU Board member, Rick Hester – City of Durham-Neighborhood Improvement Services, and Sam Adams – SECU SVP-SECU*RE.
State Employees’ Credit Union (SECU) and the City of Durham recently signed a Pledge of Support aimed at rehabilitating foreclosed properties in distressed neighborhoods and revitalizing the local community. The Pledge of Support goal is to develop and implement a cooperative model between the Credit Union, as a lender, and NC communities, setting a new standard in responsible stewardship of lender acquired properties. At SECU, that new standard is being set through the not-for-profit cooperative’s newly formed property management subsidiary, SECU*Real Estate (SECU*RE).
In low-wealth Durham neighborhoods, foreclosures, abandoned properties, and absentee landlords have led to a decline in safety, increased crime and lower property values, translating into a breakdown in economic growth and social equity. Helping to turn this trend around, State Employees’ Credit Union is working cooperatively with the City of Durham, Durham residents, and other stakeholders to rehabilitate a local area.
Over the last several months, Sam Adams, SECU’s Senior Vice President of SECU*RE, has worked diligently with community partners to renovate several SECU acquired properties in one Durham community. The internal and external home improvements meet and in some cases exceed the building requirements, helping to create a safe and inviting neighborhood for area renters and homeowners. The upfit also provides more energy efficient housing for residents.
David King, a member of SECU’s Board of Directors, participated in the Pledge of Support signing. He notes, “There is a critical need to reinvest in our neighborhoods and be part of the solution for North Carolina communities. With the support of the City of Durham and other community groups, we will make a difference for the citizens of this area and use this partnership model to positively impact other neighborhoods across the state.”