RAEFORD, N.C. – State Employees’ CU’s SECU Foundation has agreed to provide 0% financing for another low-rent teachers’ project here, a $2.4 million 24-unit project for teachers in Hoke County.
The complex, called Echo Ridge, has been in the making for three years. The project came about during discussions among advisory board members for the credit union branch in Raeford. Members were concerned about the growing number of teachers who were leaving the school system to teach in the counties where they lived.
The Partners for Hoke County Public Education Foundation was approved for a 15-year, zero interest loan from the SECU Foundation. A portion of the rent will go toward payment of the loan.
Once the loan is paid, the Partners for Hoke County Public Education Foundation can use the revenue from the rent to recruit teachers, provide resources to the schools or expand the housing project
The SECU Foundation has also provided 0% financing for similar teachers’ projects n Hatteras Island, off the North Carolina coast and n Kill Devil Hills.