Tompkins County
New York

Report or Discussion Item
7263

Report on Community Housing Development Fund Round 15

Information

Department:Planning and Sustainability DepartmentSponsors:
Category:HousingFunctions:Housing

Attachments

  1. Printout
  2. PDEQ_Cover_Memo_HsgFundRound15_8-28-17 (This file has not yet been converted to a viewable format)

Meeting History

Sep 7, 2017 3:00 PM  Planning, Development, and Environmental Quality Committee Regular Meeting

Ms. McDonald explained that Round 15 application submissions and recommendations for the Community Housing Development Fund have been completed. This is a joint effort of the County, the City of Ithaca, and Cornell University to help support and encourage permanently affordable housing in both development and rehabilitation within the County. In this round there were two applicants and both have been recommended for funding. The first being the Ithaca Townhomes project in the Town of Ithaca by NRP with 50 affordable units and 16 market-rate units. The second was the Lansing Commons Apartments project in the Town of Lansing by Rochester’s Cornerstone Group with 64 affordable rental units and 8 market-rate units. The Program Oversight Committee (POC) recommended funding in the amount of $256,875 for each project.

Ms. McDonald stated 2017 is a banner year for the Community Housing Development Fund as there have been four recommended projects.

Ms. Robertson stated there has been a diverse group of developers involved with these projects. She also stated the Town of Lansing project is proposing to use air source heat pumps.

Following Ms. Chock’s inquiry, Ms. McDonald stated Ithaca Neighborhood Housing Service was not involved in these projects.

Ms. Chock stated since the available funding was not the maximum amount that could be awarded would it have made sense for a higher amount of funding to be provided to the project that meets other County objectives. She also asked if the full amount was not awarded, will this have a financial impact on the development project. Ms. McDonald stated there are existing environmental impact statements being filed with the Town of Ithaca for the NRP project and she has reached out to speak with them and they are working to incorporate air source heat pumps to their project also but there may be some additional cost since the project was not originally designed with them.

Ms. McDonald explained that since the applicants are competing and both applying for the early round of tax credits they are being granted six months to draw funds for the project with an opportunity to ask for an extension. If for some reason an applicant is not successful in obtaining funds the money can be freed up quickly and recommitted to another project. Ms. McDonald stated in her experience most of the projects do not move forward in the absence of tax credits.

RESULT:COMPLETED