The UNC School of Government is teaming up with the Local Government Federal Credit Union to help economically distressed communities across the state.
The credit union, which is a nonprofit financial cooperative, has pledged to fund two initiatives to help local governments across North Carolina — giving $1 million to the first project and $625,000 to the other.
The main project, Expanding Development Finance in North Carolina, is meant to help create new opportunities for the poorer communities in the state by increasing access to financial development tools such as tax credits.
The other project, the Fellows Executive Development Program, is aimed at helping local government officials build and maintain finance programs.
While the credit union and the School of Government have a long history of working together in the past, this will mark the largest partnership they have had so far, said Erica Hinton, spokeswoman for the credit union.
“We really share a common vision,” Hinton said.
The credit union has already given $300,000 to the School of Government, she said.
The development finance initiative will receive $200,000 a year for five years and the fellows program’s annual sum will vary for its four years, Hinton said.
The goal is to make the programs self-sustainable after the funds run out, she said.