Bremerton’s Harborside Condos - how the bet went wrong
By Admin
Chris Henry of the Kitsap Sun has done an excellent job of probing the Kitsap Consolidated Housing Authority’s (now rebranded as Housing Kitsap) decisions and actions that ultimately resulted in the County underwriting a loan of over $40 million to keep the Housing Authority from default. The report goes to some length to show that Norm McLoughlin, former executive director of the Housing Authority, drove most of the decision making, but many our our local politicians at the highest levels sat on the board that approved these decisions. It’s an ample reflection on the housing mania that invested in what could be without sufficient regard the potential downside. For all that has gone bad, it’s ironic that Bremerton continues to bear the fruits of this investment as developers resume projects in downtown.
The county has been selling off the condos and other housing authority properties, but profits will fall short of paying off the loan by an estimated $10 million. Taxpayers will shoulder that debt and yet-to-be determined interest in paying it off.
Read more: http://www.kitsapsun.com/news/2011/feb/19/housing-authority-leaders-bold-vision-blunted/#ixzz1FZKZnUQh
Related Articles
By hdnelson
From the Kitsap Sun:
PORT ORCHARD — By the end of the year, Kitsap County will have a comprehensive trail plan outlining routes for walkers, cyclists, and even equestrians from the south end of the county to trails already approved for North Kitsap. The trail system would include direct routes between Kitsap’s cities and unincorporated population centers to make it safe for bicyclists to get to and from work, as well as routes that spur off from the main connector trails to link to parks and recreational areas.
More at http://www.kitsapsun.com/news/2012/jan/27/kitsap-county-begins-work-on-plan-for-highway/
Read Story
By hdnelson
Harrison Hospital, the largest private employer in Kitsap County, remains an independent hospital in an era when health organizations large and small are joining together to extend their reach and remain competitive in an era of declining budgets and greater political and regulatory pressure. This article from the Kitsap Business Journal describes how Harrison is now requesting proposals from larger Healthcare networks to maintain or enhance their level of service in the face of the State’s budget crisis and anticipated cuts to Medicare and Medicaid payments. More at http://kpbj.com/breaking_news/2012-01-17/harrison_medical_center_faces_future_with_mission_in_mind
Read Story
By hdnelson
Jody Kahn at John Burns Real Estate Consulting filed this report based on interviews with construction executives. In essence it boils down to saying that difficulties with getting VA appraisals to come in at value are affecting many new construction home sales. This reflects the overall problems in the construction industry, the inability of home builders to compete on price with distressed property sales and a resale market that is still falling in price. Our experience in residential resale is that buyers of well priced homes are able to get VA financing.
Read Story
Subscribe to the News
Reader Discussion
Be the first to comment, using the form below.