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Legislature Increases Contracts with Ithaca Neighborhood Housing Services to Continue Program Income Fund-Supported Housing Programs

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Legislature Increases Contracts with Ithaca Neighborhood Housing Services to Continue Program Income Fund-Supported Housing Programs

Tuesday, December 18, 2018

The Legislature, by unanimous vote, took steps necessary to continue the County’s long-standing homeownership and housing rehabilitation programs through use of Program Income funds, and to increase contracts with Ithaca Neighborhood Housing Services to continue those programs.  The County has Program Income funds available from past Community Development Block Grant (CDBG) awards from New York State for homeownership assistance loans which must be re-spent for like purposes as the original grants; however, a policy change by New York State now requires that any such funds that communities are not able to commit for eligible purposes by March 31, 2019 must be returned to New York State.

The action authorizes the granting of any remaining New York State CDBG Program Income funds up to $500,000 to Ithaca Neighborhood Housing Services to continue the Homeownership and Housing Rehabilitation Programs, as the agency has successfully administered in the past, and also authorizes County Administration to amend existing contracts with INHS, as may be needed.

In a separate, related action, the Legislature, also by unanimous vote, authorized the County to contract with the Bonadio Group to provide loan valuation services related to the County’s CDBG loan portfolio, approving a $6,000 budget transfer to support cost of those services.  The measure notes that there is potential to sell the CDBG loan portfolio and to use the proceeds of the sale for CDBG-eligible projects, provided that the projects are approved by the State and funds committed by March 31, 2019.  The objective third-party valuation will establish a fair market value related to the portfolio’s sale, establishing the amount of funding available to commit to eligible projects.