The work to create a financial foundation to address the critical need for affordable housing in Lake County got a serious boost one year ago when Matthew Johnson came on board as Executive Director of the Lake County Housing and Redevelopment Authority. Johnson works with a Board made up of Richard DeRosier, Paul Iverson, Susan Rosette, Robert Entzion, Rick Goutermont and supported by Executive Assistant Lisa DeRosier. Together they have made significant headway in addressing the need for housing in Lake County. Under Johnson’s direction, the LCHRA has been able to initiate a number of housing projects in Two Harbors and Silver Bay. They have secured funding for much needed rehabilitation of the Lakeview apartments, have launched a plan for the Silverpoint II apartment complex in Silver Bay, have an economic redevelopment project in the works in Two Harbors and have other “irons in the fire” across the county to address the need for housing.
Foundational to the progress being made was an investment of $2 million to the Lake County HRA by the Lake County Board. That investment has made it possible for discussions about the need for housing to become actual housing projects. Readers may recall that as the LCHRA’s projects are completed and sold, the money from sales will return to the HRA to help fund subsequent projects.
Discussions about money management are frequently on the agenda at LCHRA Board meetings. Last week the Board adopted resolutions authorizing the purchase of two six month certificates of deposit in the amount of $100,000 and $300,000 respectively. Due to the fact that high interest rates are currently being offered on CDs, the return on this investment will be significant. Funds generated from these investments will help to grow the money that the HRA has to work with and will go toward purchasing land for a single-family home pilot project and for future housing projects that the Board has planned on tax-forfeited land in Silver Bay. There are additional plans for a development next year in Two Harbors.
It is encouraging to see the Lake County HRA making strong progress in their mission. Their collaborative efforts and wise money management are paying off in terms of meeting the pressing need for affordable housing in our area.
The Lake County HRA Board meets on the second Wednesday of every month at 6 PM in the Split Rock River Room at the County Service Center in Two Harbors.
