The Ithaca Urban Renewal Agency (IURA) Neighborhoods & Housing Committee voted to extend the Community Housing Trust’s deadline for the 215 Cleveland Avenue homebuyer project to next September while discussing flood‑map, financing and affordability issues.

The decision followed a presentation by Leslie Ackerman, who manages construction of homebuyer projects for the Community Housing Trust, and IURA staff explaining that the Cleveland property’s saleability hinges on a Letter of Map Amendment (LOMA) from the Federal Emergency Management Agency. “If we don't get the Loma, we have bigger issues than this grant expiring because it won't be a sellable house to a low income family. It will just be unaffordable with, with, the flood insurance burden,” Ackerman said.

The committee was reminded that the project funding being discussed is HOME program money (not CDBG) and that “HOME funding has its own regulations, own timeline, which is in the chart and the resolutions,” a staff member told the committee. Committee members and staff discussed realistic LOMA timelines—engineers and the Community Housing Trust described LOMA processing historically as “weeks to months,” but cautioned there is uncertainty and that the agency allowed added time in the resolution to account for unknown delays.

Why it matters: Without LOMA confirmation, lenders would require flood insurance that could make the planned sale price unaffordable for the Trust’s target buyers, undermining the unit’s intended affordable‑homeownership outcome.

Key facts and timeline: Ackerman said Sears Street modular homes are substantially complete outside and are expected to be marketed at an open house on Aug. 23; the IURA staff and Community Housing Trust agreed that the Sears units likely could close by February but set a safer extension to April. For Cleveland Avenue, the Trust intends to submit the LOMA application in coming weeks and the committee approved extending the HOME grant deadline for that specific project to next September to allow the LOMA process to play out.

Affordability and buyer selection: Ackerman explained pricing and eligibility calculations used to set sales prices: “The 2 bedroom homes are going to be a $160,000. The 3 bedroom homes are gonna be a $188,000.” Those price points were calculated to be affordable at roughly 70% of area median income (AMI) while the program allows buyers up to 80% of AMI. Ackerman also described the Trust’s buyer selection process: interested households are pre‑screened and homes are listed on the MLS; if there are more qualified buyers than homes, the Trust runs a public lottery.

Financing supports: The Trust uses down‑payment assistance typically structured as a 0% interest, forgivable loan, often written off over 10 years. Ackerman said those awards are usually $15,000–$20,000, depending on the funding source, and that final terms depend on which funding pot is used.

Committee actions: A motion to approve extensions for the Sears Street projects (projects 4 and 5) and extend through April was seconded, but when asked “All in favor?” the recorded response in the meeting transcript was “No.” The committee later moved, seconded and approved an extension for Project 1 (215 Cleveland Avenue) through next September; those in favor responded “Aye.”

What’s next: The Community Housing Trust will proceed with the LOMA application for 215 Cleveland Avenue and continue interior finishing and marketing for the Sears Street units. The committee’s extension for Cleveland is intended to give the Trust space to obtain FEMA review without losing HOME funding eligibility.

Ending: Committee members asked to be kept informed of the LOMA outcome and said they would revisit timing if FEMA review takes longer than expected.