Images of Kitsap County
Public Communications (MS-11)
614 Division Street, Port Orchard, WA
Phone: 360.337.4598
 
FOR IMMEDIATE RELEASE
Date: September 29, 2008
Contact: Nancy Buonanno Grennan
County Administrator
PHONE:  360-337-4403
NO: 08-31

Kitsap County and Kitsap County Consolidated Housing Authority agree on strategy to address Housing Authority's financial difficulties

(Port Orchard, WA) – Over the past decade, Kitsap County has partnered with the Kitsap County Consolidated Housing Authority to further the goals of making housing within citizens’ reach, as well as to revitalize communities in all areas of the county. The nation’s financial downturn, particularly the subprime mortgage crisis and the continuing deterioration of the housing market, has had serious consequences for the Housing Authority’s finances. Specifically, the Harborside Condominium project and moderate rate houses built on Bainbridge Island experienced significant losses. Today, the Board of County Commissioners launched an aggressive plan to protect the County and its taxpayers. The workout strategy includes a direct oversight role by County leadership in the sale of Housing Authority property and, as part of an agreement reached today between the County and the Housing Authority, a guarantee that proceeds will be used to pay down the Authority’s debt.

Commissioner Jan Angel called today’s resolution between the two agencies, “absolutely necessary and long overdue.” She stated, “We had been reviewing the Housing Authority’s financial difficulties for some time and wanted the County to take more direct action to protect taxpayers.” Commissioner Josh Brown concurred. “We have had great partnerships with the Housing Authority over the years. It is imperative our County Board ensures the Housing Authority focuses on its core mission of affordable housing while protecting the interests of taxpayers.” Commissioner Bauer, Chair of the County Board of Commissioners, stated, “We had insisted on more financial oversight of the Housing Authority given the nationwide housing market down turn, including hiring a third party to review its finances. We are committed to taking all steps necessary to protect taxpayers while ensuring that the Housing Authority continues its vital role of serving the citizens of Kitsap County.” 

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To contact the Public Information Officer, 
call Doug Bear at 360-337-4598 or email: dbear@co.kitsap.wa.us

Last Updated:  May 27, 2014