Ithaca Urban Renewal Agency Board Meeting Agenda Packet April 2026
IURA Approves HODAG Loan for INHS Lucy Project
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Description
The Ithaca Urban Renewal Agency approved a HODAG-funded loan of up to $78,968.40 to Ithaca Neighborhood Housing Services for The Lucy affordable housing project at 209–217 W. State Street. The loan replaces previously allocated CDBG funds and will convert from a three-year 0% construction loan to a 30-year 1% permanent loan if the project secures state LIHTC financing.
Contract Details
Contract Amount
Up to $78,968.40
Vendor
ITHACA NEIGHBORHOOD HOUSING SERVICES INC
Agency
City of Ithaca, NY
Contract Type
FINANCIAL_SERVICES
Document Date
April 23, 2026
Contract Term
3-year construction loan followed by 30-year term loan at 1% interest (cash flow contingent)
Renewal Date
2060-11-30
Renewal Info
Loan commitment expires if INHS is not awarded funding in the 2026 HCR 9% LIHTC RFP; if awarded, future Action Plans may reallocate CDBG or HOME to refinance the HODAG loan. Borrower may prepay at any time without penalty.
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