Self-Help Perspectives - Issue 9

Thank You

In a year marked by the continuing challenges of the financial crisis and deepening unemployment, we want to pause to thank our partners, peers, and borrowers for all they have done to create economic opportunity. Allies across the country fought for landmark financial reform legislation. Community Development Financial Institutions provided financing for homes and businesses in struggling neighborhoods. And visionary entrepreneurs started new charter schools, child care centers, and nonprofits to support their communities.

Self-Help continued to make loans to families and individuals of modest means, and to work with those struggling to stay in their homes or keep businesses going in difficult times. We expanded our credit union family to 17 branches in North Carolina and California, and more than 68,000 members across the nation.

Thank you for all your support. We wish you a new year filled with opportunity for all.

Celebrating 100 Houses Built in Durham

Self-Help celebrated the completion of its 100th home built in Durham on a beautiful mid-November morning in the Walltown neighborhood. The event drew a large crowd of community leaders, non-profit and government partners, and homeowners. Self-Help began developing housing in 1996. Since then, we have completed 150 high-quality, affordable homes for sale in North Carolina - 100 in Durham and 50 in other parts of the state. Twenty-four of the homes were purchased out of foreclosure and renovated in Charlotte's Peachtree Hills neighborhood.

Every new home Self-Help builds uses award winning architectural plans and meets rigorous green building standards under the NC HealthyBuilt Homes program.  Today fixed rate mortgage payments begin as low as $600 per month; ownership costs are further reduced with guaranteed heating/cooling bills of around $35 per month.

Visit our website for more information about our affordable housing development program and about our priorities, partnerships, and interests.

SciMetrika - Self-Help Borrower In the News

Growing Up Fast - By Monica Chen (The Herald Sun)

DURHAM -- A homegrown health research company is riding the wave of rising demand for health care assessments toward fast growth.

By the end of the year, Durham-based SciMetrika expects to add 50 more people to its current 60-person work force.

Read more: The Herald-Sun - GROWING UP FAST

Latino Community Credit Union Wins Awards

Long-time Self-Help partner Latino Community Credit Union (LCCU) of Durham, N.C. received two significant awards this year. The credit union received first place honors as Credit Union of the Year (under $250 million in assets category) from the Credit Union National Association for exemplifying the principles of the credit union movement while serving as a positive influence in the field of service.

LCCU also received the E Pluribus Unum Prize in recognition of outstanding immigrant integration initiatives. The award is coordinated by the Migration Policy Institute's National Center on Immigrant Integration Policy - a hub for those who seek to build their knowledge and skills in the area of immigrant integration.

Now celebrating its 10th anniversary, LCCU began as a grassroots response to a wave of robberies and muggings of Latino immigrants in Durham. LCCU has become a national model for credit unions and CDFIs seeking to serve immigrant communities and the unbanked. LCCU's mission is to improve the financial condition of the Hispanic community through the delivery of affordable financial services and financial education programs specifically targeted to underserved Hispanic immigrants in North Carolina.

Learn More

Self-Help Ventures Fund Joins Federal Home Loan Bank

According to the FHLB website, more than 8,000 community banks everywhere in America belong to the Federal Home Loan Bank System. In January 2010, the Federal Housing Finance Agency (FHFA) implemented provisions of the Housing and Economic Recovery Act of 2008 (HERA) that permitted qualifying CDFIs to become members of a Federal Home Loan Bank.

"FHLBank Atlanta is pleased to welcome Self-Help Ventures Fund as a new member under the recently-implemented provisions of HERA," said Jill Spencer, Interim President and Chief Executive Officer, FHLBank Atlanta. "This is an important milestone for FHLBank Atlanta and the FHLBanks, and will allow us to broaden our community and economic development support efforts."

Self-Help CEO Martin Eakes appreciates the partnership; "We have worked for more than ten years to make this partnership possible, and together with the Federal Home Loan Bank of Atlanta, we believe we can provide the financing that will enable thousands of well-qualified homeowners to buy their first homes."

Learn more about Federal Home Loan Banks at http://www.fhlbanks.com

Playhouse Raffle Raises Over $10,000 for Western NC Charity

Members of the Western North Carolina Credit Union League raised over $10,000 for Eblen-Kimmel Charities Food for Thought program. Food for Thought distributes tens of thousands of snacks to area schools and after school programs and buys breakfast and lunch for any child who cannot afford to purchase the meals on their own. The Playhouse fundraiser was spearheaded by Connie Corn of Carolina Mountains Credit Union, a Division of Self-Help Credit Union, "Food for Thought is a great program that supports children in the communities served by our credit union. Our partnership with Eblen is a great way to give back to families." The playhouse was won by Zachary Beattie and his sister Jenna (pictured at left).

Learn more about Eblin-Kimmel Charities

Learn more about Carolina Mountains Credit Union