Community Housing Development Fund
2020 Open Funding Round Notice of Funding Availability Application deadline for 2020 is September 23rd.
The Community Housing Development Fund, formerly referred to as the Housing Fund, is a joint effort of Tompkins County, the City of Ithaca and Cornell University. The Fund helps communities and organizations throughout Tompkins County respond to the diverse affordable housing needs of county residents. Projects must include units of affordable housing for low and moderate income households.
The Community Housing Development Fund is designed to ensure that newly constructed or rehabilitated housing units remain affordable to successive buyers or renters. Permanent affordability is retained by such measures as income qualifying prospective buyers or renters and limiting the sales price or rent of units; separating the ownership of the land from the ownership of the housing unit, whereby only the housing unit is purchased by the homebuyer, and by restricting the amount of equity that a homeowner can take from the housing unit upon sale (Community Housing Trust model); or other equivalent mechanisms. Eligible uses of the fund include the cost of land, construction, or any development costs that will reduce the cost of new or newly rehabilitated non-student housing unitsdeveloped, provided these housing units remain permanently affordable by using a mechanism such as the Community Housing Trust or another acceptable mechanism.
Recent Program Changes
With the three funding partners' agreement to continue the program for an additional six years, several changes have been made to the program, which are further detailed in the NOFA. In addition to the program’s name change, pre-development loans have been discontinued, rehabilitation as well as new development of affordable units are eligible for assistance, award caps have increased, the grant term has been modified, and support is available for units intended for those earning up to 100% of area median income (AMI) for rental housing and up to 120% AMI for ownership housing, provided that the majority of units an applicant seeks assistance for are reserved for those earning 80% or less AMI.
Members of the Tompkins County staff are on hand to answer questions concerning the Notice of Funding Availability (NOFA) process and evaluation. If you have questions about the NOFA, please email us or call 607-274-5560.