The Tompkins County Industrial Development Agency (TCIDA) is facing challenges in implementing its workforce housing policy, aimed at supporting affordable housing.
Despite pledges totaling $4,198,000 to the Community Housing Development Fund (CHDF), only $230,000 has been paid so far.
The slowdown in lending and construction, exacerbated by rising interest rates and inflation, has hindered the realization of these funds.
Under the policy, developers can either reserve 20% of housing units for lower income households or pay a fee into the CHDF.
However, due to payment arrangements, contributions are delayed until after the first residents move in.
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