State Employees' CU has created a property management subsidiary, called SECU*Real Estate, to provide the credit union with the ability to streamline management of real estate property owned throughout North Carolina.
The $25-billion SECU said SECU*RE aims to take its existing REOs and work to minimize lost equity through property revitalization efforts and partnerships with North Carolina housing industry professionals, energy-efficiency organizations and local municipalities.
With service options ranging from rentals to property listings, SECU*RE's ultimate objective will be to provide affordable homeownership opportunities to SECU members and their families throughout the state, the credit union said.
"SECU*RE provides our not-for-profit cooperative the opportunity to improve housing standards and break the cycle of neighborhood deterioration-an action that will benefit our members and our state," said SECU chairman McKinley Wooten.
The real estate venture will complement the credit union's ongoing Mortgage Assistance Program, which has already helped more than 8,000 families avoid foreclosure.
