IURA Board Mtg.

The City of Ithaca Urban Renewal Agency (IURA) Board meeting on August 28, 2026, focused primarily on procurement and funding matters related to affordable housing development. The board unanimously approved designating Fingerlakes Reuse as a community-based development organization, enabling it to enter into a funding agreement for 2026. A significant portion of the meeting was dedicated to discussing a resolution to amend the disposition and development agreement for the Lucy affordable senior housing project at Geneva and West State Street. The amendment proposes reducing the sales price of a city-owned parking lot by approximately 25% from the 2024 appraised value of $377,000 to help close a $1 million funding gap exacerbated by rising construction costs and declining tax credit pricing. The board was informed about the complexities of the low-income housing tax credit program, the competitive funding environment, and the importance of securing full funding commitments by the September 10 state application deadline. The resolution to reduce the sales price was passed unanimously, with the understanding that the amendment requires Common Council approval and a public hearing scheduled for September 9. Additionally, the board reviewed grant disbursements and loan receivables, noting timely expenditures and ongoing monitoring of outstanding amounts.