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IURA approves temporary HODAG loan commitment to free CDBG funds for INHS 'Lucy' project
Summary
The IURA voted unanimously March 26 to approve a temporary HODAG loan commitment of up to $78,968.40 to substitute for prior CDBG funding for INHS’s 209 West State Street ("Lucy") project, freeing CDBG dollars for the 2026 application round while preserving a local funding commitment for the developer’s state tax-credit bid.
The Ithaca IURA on March 26 approved a temporary substitute loan commitment using HODAG funds to replace previously allocated CDBG dollars for the INHS 209 West State Street project known as "Lucy," a move intended to free slower-moving CDBG funds for the current 2026 grant competition.
The board’s motion, moved by the chair and seconded by Carl, authorizes a loan commitment of up to $78,968.40 and carried unanimously. Staff framed the measure as a short-term accounting approach that preserves a local funding pledge for INHS while allowing the agency to reallocate CDBG resources to projects that can spend funds more quickly.
"One way to address the…
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