Ithaca Neighborhood Housing Services

The Holly Creek Townhomes project in the town of Ithaca received support from the Housing Fund.

Partnering with Tompkins County and the city of Ithaca, the university has renewed its commitment to the Tompkins County Housing Fund, which assists development of safe and affordable housing for low- to moderate-income working families, including Cornell employees.

The program, which began in 2009, will continue for another six years, through 2021. Cornell will contribute $1.2 million over the next six years, the county has pledged $600,000, and the city has committed $100,000 for the first year.

Since 2009, 124 affordable housing units have been built or are under construction. Each $1 awarded through the Housing Fund leverages approximately $5 in grants and other funding sources. These projects represent more than $33 million in total development costs. Construction of an additional 22 units is expected to begin within the next year.

Noting the “multiplier effect” of dollars spent on this type of construction, Cornell President David Skorton said that supporting affordable housing programs in Ithaca and Tompkins County has been a key priority for the university for many years. “We have been longtime supporters of Ithaca Neighborhood Housing Services and Better Housing for Tompkins County, two agencies that help our friends and neighbors find safe and affordable housing,” Skorton said. “We continue to support the Housing Fund because building affordable housing has a meaningful economic impact on the community we all share.”

According to Michael Lane, chair of the Tompkins County Legislature, nearly 40 percent of all households in the county pay “unaffordable portions of their incomes for housing, and both state and federal funds for affordable housing have been diminishing as demand for them grows.” He said the Housing Fund is an important initiative toward helping ensure “individuals and families of all income levels can live, work and participate in community life within Tompkins County.”

The Housing Fund comprises the Community Housing Affordability Program and the Community Housing Trust Program.

The Community Housing Affordability Program provides zero percent loans for pre-development costs associated with residential and mixed-use real estate projects that include units of affordable housing. (By definition, units need to be affordable to households making less than 80 percent of median income in this area.)

The Community Housing Trust Program provides grants for land purchases, construction costs or expenses that will reduce the cost of new, non-student housing units that will remain permanently affordable for low- and moderate-income households.

The Housing Fund encourages energy efficient, sustainable design, and more than half of the units built have been LEED certified or are in the process of certification.