[HISTORY: Adopted by the Common Council of the City of Ithaca 10-7-1998 by Ord. No. 98-25. (This ordinance also repealed former Ch. 62, Housing Trust Fund, adopted 9-7-1988.) Amendments noted where applicable.]
The City of Ithaca does hereby authorize the creation of a Housing Trust Fund for the purpose of providing funding for the development of affordable housing in the City of Ithaca, subject to review and enactment by the Common Council prior to implementation.
The City of Ithaca shall seek to develop, fund and operate the Housing Trust Fund in accordance with the following objectives:
Programs funded by the Housing Trust Fund shall be targeted toward assisting low- and moderate-income households to obtain affordable housing.
Housing Trust Fund programs shall emphasize the creation and maintenance of good quality, affordable housing that will provide long-term benefits to those in the community who are in need of such housing.
The administration of Housing Trust Fund programs should be as efficient and cost-effective as possible.
Housing Trust Fund programs that leverage additional public and private investment and involve the private sector in financing and construction activities should be encouraged so as to maximize the housing and economic benefits that accrue to the community.
The Housing Trust Fund should be funded from stable, annually renewable sources of funds that are adequate to provide a level of funding sufficient to provide significant impact on Ithaca's affordable housing problem. This annual funding minimum is estimated to be at least $300,000 annually. Examples of such sources of funds are Urban Development Action Grant repayments, developer exactions or real estate transfer taxes. These sources may be supplemented at any time by funds from other sources.
On an annual basis, or as appropriate, distribution of funds from the Housing Trust Fund shall be made to qualified housing providers in order to accomplish the housing objectives listed above and otherwise established by the Common Council.