Feb. 06--BREMERTON -- Housing Kitsap Executive Director Tony Caldwell announced his resigned this week. His last day will be Feb. 28.
"Housing Kitsap is financially stable and remains steadfastly focused on its mission. However, the time has come for me to make a change in my personal situation," Caldwell said in a statement.
Caldwell joined Housing Kitsap in 2010, while the organization was struggling financially. Housing Kitsap, formerly known as the Kitsap County Consolidated Housing Authority, nearly went under in 2009, before Kitsap County came through with a $44.5 million bailout. The housing authority has been working to repay the county ever since that financial crisis, brought on primarily by its backing of condominiums in downtown Bremerton.
Caldwell helped bring financial stability by identifying new revenue sources, reducing expenses, and creating operational and strategic plans, according to a Housing Kitsap statement.
Last May, Kitsap Housing owed $13 million from the loans took out in 2009. At that same time, the county approved a new loan agreement that details how the agency would repay the remaining amount during the next 41 years, along with $3 million over seven years under a separate loan that also was refinanced.
The authority has repaid more than $31 million of the overall debt to the county.
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