Triangle Business Journal
By: Lee Weisbecker
February 16, 2010
The Raleigh-based State Employees' Credit Union is partnering with the River City Community Development Corp., an Elizabeth City nonprofit, in a project aimed at helping working, low-income families save to buy a home.
With a grant from the North Carolina Department of Labor, the credit union and River City will set up an "individual development account," or IDA, program that will supplement the savings of the lower income families.
For every dollar saved by a family, up to a maximum of $1,000, the money will be matched on a 2:1 ratio, giving the families a boost toward building assets and entering the financial mainstream.
In addition to the match, the program also includes financial literacy training.
The size of the initial NCDOL grant was not disclosed.
The effort will serve residents of Chowan, Gates, Pasquotank, Dare, Camden, Currituck, and Perquimans counties.
"Northeastern regions of our state have higher concentrations of low-income residents who often struggle to save and attain long-term goals such as home ownership." says Tyrone Tyler, of SECU's Elizabeth City-Halstead Boulevard branch. "The IDA program will offer an opportunity for these citizens to own a home for the first time."