IURA Board Meeting Agenda March 26, 2026
IURA Approves HoDAG Loan to INHS for Affordable Housing
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Description
IURA Board approved a construction/permanent loan up to $78,968.40 from HoDAG proceeds to Ithaca Neighborhood Housing Services, Inc. for the 209-217 W. State Street affordable housing project. Loan replaces prior CDBG allocation and is contingent on 2026 LIHTC award.
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
March 26, 2026
Contract Term
3-year construction loan followed by 30-year permanent loan; only proceeds if 2026 LIHTC award received
Renewal Date
2029-11-30
Renewal Info
Loan commitment expires if 2026 LIHTC funds not awarded; construction loan converts to permanent term if project proceeds as planned; prepayment allowed anytime.
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