Program Income Funds Committed to Continue Housing FundThe Legislature approved the funding commitment necessary to continue its partnership role in the Tompkins County Housing Fund for another six years. The Legislature, by unanimous vote (Legislators Martha Robertson and Kathy Luz Herrera were excused) committed the County to provide up to $600,000 over six years to be loaned or granted through the Housing Fund, provided that the City of Ithaca also commit at least that amount and Cornell University at least $1.2 million for the period 2015-2020. The commitment is also contingent upon the Legislature, City of Ithaca, and Cornell University accepting and approving a new Memorandum of Understanding (MOU) to continue the Housing Fund.
The action would extend the arrangements made among the three parties in 2009, when the Housing Fund was created, and would replace the initial MOU, which expires in April of next year. The County’s funding has come from repayment of homeowner assistance loans using Community Development Block Grant awards from the federal Department of Housing and Urban Development and New York State. Under HUD rules, the program income funds must be re-spent for like purposes as the original grants.