Renovations continue at Lakeview Apartments and at this month’s meeting of the Lake County Housing And Redevelopment Authority, Executive Director Matthew Johnson indicated that two additional units should be ready to rent in about a month. The LCHRA is also looking at the purchase of property in Two Harbors for the purpose of piloting a single family home construction project. Funding for this project will come from the trust fund that has been set up between the Lake County Board and the LCHRA. The HRA Board gave a green light to move forward with this initiative.
The LCHRA also has its sights set on a land transfer arrangement for some undeveloped county land. The transfer would be done in conjunction with an agreement with the Lake County Board. While this plan is currently in the discussion stage, the idea moving forward would be to sell the land to a developer for the purpose of building single family homes. If this plan comes to fruition, The LCHRA will set a stipulation that the properties will be sold as homestead properties and will not be turned into vacation rentals.
Finally, area residents should be aware that the US Department of Agriculture has a Rural Development program and is making funding available to help low-income individuals and families buy or repair homes. This is a direct home loan program that offers financing to qualified applicants that are unable to qualify for traditional financing. No down payment is required and the interest rate could be as low as one percent with a subsidy. Loans, when granted, are repayable for a 20-year term and can be used to do essential repairs and improve or modernize homes. Grants of up to $10,000 are available to homeowners, 62 or older, and must be used to mitigate safety hazards such as fixing leaking roofs, replacing an old furnace or installing indoor plumbing. If you are interested in learning more about this program, visit www.rd.usda.gov/mn. Or call 218-305-3584.
