Tompkins County
New York

Resolution
2019-222

Commitment of Tompkins County Program Income Funds for 9% Low-Income Housing Tax Credit Contingent Fund of the Community Housing Development Fund

Information

Department:County AdministrationSponsors:
Category:HousingFunctions:Housing

Attachments

  1. Printout

Resolution/Document Body

WHEREAS, the Tompkins County Legislature through Resolutions No. 2009-31 and No. 2015-154, authorized funding for the Community Housing Development Fund (CHDF), previously known as the Housing Fund, and accepted and approved the Memoranda of Understanding among the County of Tompkins, the City of Ithaca, and Cornell University that established the program and then extended it through November 2021, and

 

WHEREAS, the CHDF Program provides grant funds towards the construction and rehabilitation of housing units that will remain affordable to successive buyers or renters, and

 

WHEREAS, the Low-Income Housing Tax Credit (LIHTC) Program is the single most significant federal resource to support the construction of affordable housing in the United States, and

 

WHEREAS, 9% LIHTC funding is highly competitive, resulting in few projects typically being funded each year in any community, and

 

WHEREAS, demonstrated local funding support for 9% LIHTC-eligible projects enhances their competitiveness, and

 

WHEREAS, CHDF awards are critical in helping affordable housing proposals successfully compete for limited 9% LIHTC awards, and

 

WHEREAS, the CHDF Program typically only has adequate funding to support up to two projects applying for 9%LIHTC awards in a single year, and

 

WHEREAS, the County’s past and current contributions to the CHDF Program use funds from Community Development Block Grant (CDBG) awards from the U.S. Department of Housing and Urban Development and New York State for homeownership assistance loans, repayment of which began in September 1995 and, under HUD rules, these CDBG program income funds must be re-spent for like purposes as the original grants, and

 

WHEREAS, it is the intention of the Tompkins County Legislature to provide a funding source to allow the County to support additional 9% LIHTC-eligible projects which have gone through the CHDF process in order to increase their competitiveness for 9% LIHTC awards, now therefore be it

 

RESOLVED, on recommendation of the Housing and Economic Development Committee, That Tompkins County hereby commits three hundred thousand dollars ($300,000.00) of program income funds from CDBG to a “9% Low-Income Housing Tax Credit Contingent Fund” of the Community Housing Development Fund,

 

RESOLVED, further, That these funds will be granted and/or loaned pursuant to designated funding opportunities through a Notice of Funding Availability for the Community Housing Development Fund only when more than two 9% LIHTC projects apply for CHDF awards and the CHDF Program both lacks sufficient funding to support the additional requests and more than two 9% LIHTC awards are made to CHDF projects in a single LIHTC award cycle,

 

RESOLVED, further That the disbursement of these funds will be contingent upon an awardee successfully securing a 9% LIHTC award for the proposed project,

 

RESOLVED, further, That the Finance Director is authorized and directed to make the following budget adjustment:

 

Fund Balance:              CD 30909000               Unassigned Fund Balance              $300,000

Appropriation:  8695.54400              Program Expense                             $300,000

 

RESOLVED, further, That the County Administrator or his designee is authorized to execute any required amendment to the Community Housing Development Fund Memorandum of Understanding or other documents required in order to affect this program consistent with this resolution.

SEQR ACTION: TYPE II-26

Meeting History

Sep 26, 2019 9:30 AM  Housing and Economic Development Committee Regular Meeting
RESULT:RECOMMENDED [UNANIMOUS]
MOVER:Michael Sigler, Member
SECONDER:Henry Granison, Member
AYES:Anna Kelles, Deborah Dawson, Michael Sigler, Anne Koreman, Henry Granison
Oct 18, 2019 9:00 AM  Budget, Capital and Personnel Committee Regular Meeting
RESULT:RECOMMENDED [UNANIMOUS]
MOVER:Leslyn McBean-Clairborne, Vice Chair
SECONDER:Amanda Champion, Member
AYES:Michael Lane, Leslyn McBean-Clairborne, Glenn Morey, Michael Sigler, Amanda Champion
Nov 7, 2019 5:30 PM Media Tompkins County Legislature Regular Meeting
RESULT:ADOPTED [UNANIMOUS]
MOVER:Anna Kelles, Member
SECONDER:Anne Koreman, Member
AYES:Shawna Black, Amanda Champion, Deborah Dawson, Henry Granison, Rich John, Anna Kelles, Daniel Klein, Anne Koreman, Michael Lane, Leslyn McBean-Clairborne, David McKenna, Glenn Morey, Martha Robertson, Michael Sigler