Hoiseth says Jerde’s track record warranted approval, even though $100K has been allocated
Even though the first $100,000 allocated for CHEDA's initial batch of housing rehabilitation loans has already been spoken for – at three houses in Crookston that are being renovated – the CHEDA Board of Directors has OK'ed a fourth loan, to Justin Jerde, for $25,000.
CHEDA Executive Director Craig Hoiseth said Jerde is buying the house at 802 Sampson Street with plans to refurbish it and either resell it or rent it out. Hoiseth said it was Jerde's previous track record on housing development in the community that spurred the board to find the $25,000 for him in the Workforce Housing fund.
"I felt that this program is such a good one with obvious benefits to the community and neighborhoods that we would try to accommodate Justin," Hoiseth said, adding that Jerde was part of the team that brainstormed on how to make the new housing rehab program as good as it can be.
The Workforce Housing fund will more than likely be replenished when the City of Crookston later in the spring allocates another $100,000 to CHEDA. The city this year is receiving an additional $450,000 in Local Government Aid from the state, and the city council subsequently decided to further capitalize on recent CHEDA successes by investing an additional $200,000 in the agency. When the first LGA allotment came in, the city gave CHEDA $100,000, and the rest will likely come in May.
It's not known what type of investment CHEDA will come up with for the $100,000 that's yet to come, but Hoiseth has said all kinds of possibilities will be discussed.
As for the housing rehab program, the idea is to make it sustainable. The 2 percent interest loans must be paid back within a year, or sooner if a refurbished property is sold. That will leave a balance of funding to be lent out for multiple housing rehab projects per year.
Progress continues to be made on getting an RV park in town will full hook-ups. Castle Park remains a possibility but other areas of town are in play as well, Hoiseth said. The idea is to relocate the city's primary campground from flood-prone Central Park, but let the private sector take the lead in making it happen. Hoiseth said American Crystal Sugar continues to be involved in the project because the sugar beet processing factory has temporary, seasonal workers who would benefit from having an RV park to stay in.
"Our commitment is to provide as much assistance as possible in facilitating this process as American Crystal has been such an excellent partner for our community, and they are in need of additional RV parking," Hoiseth said. "Obviously, our entire community has a lot to gain by adding this amenity as well."