For comparison’s sake, the affordable townhouses INHS recently sold in the town of Ithaca went for $125,000-$145,000, depending on size and number of bedrooms.īoth projects are low-energy constructions, both projects make use of an under-utilized site close to downtown. The units would be rentals for 2 to 5 years, but then go up for sale in the non-inflation adjusted $180,000-$230,000 range, which is somewhat above the range of affordable housing – the average house In Ithaca sells for about $220k, so they’re more middle market. Their proposal would also offer four townhouses. Local architect Zac Boggs and his partner, former Planning Board member Isabel Fern ández have submitted an alternative to the IURA. Owner-occupied units can be more desirable than rentals for a couple of reasons – owners are more devoted to their neighborhoods, and affordable owner-occupied housing is especially hard to find in a city going through an affordability crisis.Įnter proposal #2. Ithaca Urban Renewal Agency (IURA) administers federal dollars to benefit low- to moderate-income individuals and families in Ithaca, by funding projects in housing, economic development, public facilities, and public services. The Ithaca Voice is an online only news source serving the city of Ithaca and Tompkins County. The IURA, which handles economic development funding requests, will consider at its Tuesday meeting a 5,000 grant to complement 16,000 in pro-bono consulting to conduct a feasibility study for a commercial food kitchen that, if viable, would be outfitted in an existing building in Ithaca’s West End neighborhood. We have left the door open about building rental units there instead of for-sale units,” said Paul Mazzarella, Executive Director of INHS. “INHS informed the IURA that we cannot go forward with the for-sale townhomes that were originally conceived. In a time where INHS has already had to cancel one affordable housing project due to skyrocketing construction costs. INHS went forward with the approvals process, going before the planning board, the BZA, and getting the project approved.
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