The Ithaca Urban Renewal Agency approved three related INHS requests: a contract modification to align the local "first-time homebuyer" definition with New York State funding rules, and two contract extension requests for the Sears Street and Cleveland Avenue homeownership projects.

Delia Yarg, identifying herself as an INHS representative, said New York State funding allows applicants who previously owned a home but have since sold it to qualify for this program — subject to the program’s income and asset caps and specific exemptions. She explained one common exemption is for single parents with more than 50% custody of a child; "in our experience, that's the only exemption that we see," she said. INHS staff and board members discussed the asset cap: INHS confirmed it evaluates assets in addition to income and noted that proceeds from a previous sale can disqualify a household if they exceed the asset cap.

IURA staff clarified this is a contract modification (not a HUD amendment) to make the local program definition consistent across marketing for Trumansburg and Ithaca projects so applicants can apply to both without falling out due to differing definitions. One staff member said the modified definition would allow an applicant to qualify provided they are income-qualified and are not currently on the deed to an owned home.

INHS also described construction issues at the Sears Street site, where modular units were used. INHS said post-delivery finishing work (porches, drywall, interior finishing) required more work than expected; INHS expects the units to be finished before buyers need appraisals and anticipates a lottery on the 12th to assign units. Sales prices given in the meeting were $160,000 for a two‑bedroom and $180,000 for a three‑bedroom. INHS said final project costs are not yet available and change orders remain pending.

For Cleveland Avenue, INHS explained that remapping placed much of the city into a flood zone and that the project team built up the lot to place the adjacent grade outside the floodplain. INHS said it is carrying flood insurance for the parcel in the interim and that it cannot finalize a sale until it completes the FEMA map amendment (Notice of Map Amendment) process to secure a buyer’s expected flood insurance status.

The IURA approved an extension for Sears Street to 2026-04-30 and for Cleveland Avenue to 2026-09-30. The transcript records motions and approvals but does not include a roll-call vote or detailed amendment text. Staff said INHS will provide final cost and closeout figures when available.