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Initial Expenditures Approved for Housing Fund

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Initial Expenditures Approved for Housing Fund

Tuesday, May 18, 2010
The Legislature, by unanimous vote of those present (Legislator Carol Chock was excused), authorized the County to disburse the County's share of funding related to the first recipients under the Community Housing Affordability Program and the Community Housing Trust Fund (jointly known as the Housing Fund). The Legislature also authorized the County to serve as the Housing Fund fiscal agent, accepting funds from the City of Ithaca and Cornell University and disbursing them to the first two recipients.

The Housing Fund supports and encourages affordable housing initiatives which benefit low- and moderate-income households.

The Housing Fund Program Oversight Committee has recommended a $75,000 loan for the Ithaca Neighborhood Housing Services/PathStone project to construct apartments on the current site of the Women's Community Building and a $70,000 loan for Tompkins Community Action's Magnolia House project in the City of Ithaca. Environmental review must be completed for the third project recommended, the INHS Holly Creek Townhomes in the Town of Ithaca ($200,000 grant), before funding for that project can be allocated.

The County's contribution to the Housing Fund comes from federal Housing and Urban Development program income funds.