Apartment prices in Ithaca rival those in major metropolitan areas. This, in turn, drives up prices in surrounding areas as those who can’t afford Ithaca spread outward. At these rates, rentals become unaffordable even for working families.
Tompkins County needs more affordable housing, yet new development must be done with environmental and land use issues in mind. The League of Women Voters sponsored an event on Monday to discuss how climate change can be taken into account while meeting the needs of our community.
Megan McDonald, Deputy Commissioner, Tompkins County Dept. of Planning & Sustainability, will discuss efforts being made by the county and the problems that need to be solved.
Joe Bowes, Director of Real Estate Development, Ithaca Neighborhood Housing Services, will discuss the work that INHS has been doing in creating new developments and in refurbishing existing housing.
Co-sponsors: Campaign for Renewable Energy, Cornell Cooperative Extension of Tompkins County, Fossil Free Tompkins, Sustainable Tompkins, and Tompkins County Environmental Management Council
Where does the money to build affordable housing come from? It’s a complicated jigsaw puzzle requiring as many as 20 different funding sources! The largest part of that funding puzzle comes from the Low-Income Housing Tax Credit or LIHTC. In order to receive LIHTC developers must dedicate a certain percentage of housing units to people earning less than the area’s median income. Other funding sources include federal block grants, local and state housing trust funds, and rental assistance. Because the process for obtaining funding for affordable housing is not standardized, funding opportunities are limited and applications for assistance are very competitive. Check out the full story here.