News Details - Legislature Approves Tax-Exempt Revenue Bonding for Ithaca Neighborhood Housing Services Projects

The Legislature authorized the Tompkins County Development Corporation to issue up to $2.4 million in tax-exempt revenue bonds to refinance a number of Ithaca Neighborhood Housing Services (INHS) multi-family rental properties located in the City of Ithaca. (The vote was 13 in favor; Legislator Nathan Shinagawa was excused; Legislator Carol Chock abstained.)

The refinancing applies to such properties as the Henry St. John Building on South Geneva Street, Towerview Apartments on Floral Avenue, and other INHS properties on Floral Avenue, West Clinton, Elm, West Seneca, Esty, and Cascadilla Streets.

The Legislature’s approval of the bonding creates no indebtedness on the part of the County, but qualifies the interest payable on the bonds to be exempt from federal income tax under the Internal Revenue Code.

05-15-2012