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Treasurer briefs committee on workforce housing pass-through and unclaimed property; $15M transfer recommended
Summary
The State Treasurer and Idaho Housing and Finance Association described a governor-recommended $15 million transfer into the workforce housing fund to provide gap financing; IHFA said prior $50 million was issued as loans that will revolve as repayments return.
The Joint Finance-Appropriations Committee heard the State Treasurer’s office present its FY26 requests, including a governor recommendation to transfer $15 million from the General Fund to the Idaho Workforce Housing Fund to provide gap financing for multifamily workforce housing projects.
Christopher Lahoset, budget and policy analyst with Legislative Services Office, explained the governor’s recommendation: a $15 million transfer to the workforce housing fund accompanied by appropriation authority to provide gap financing. Lahoset noted the Legislature previously authorized a one‑time supplemental of $50 million, which the treasurer’s office later dispersed to the Idaho Housing and Finance Association (IHFA) for gap financing; that $50 million was not spent in the first fiscal year and was reappropriated before distribution.
Brady Ellis of the Idaho Housing and Finance Association told the committee the initial $50 million was issued as loans to developers and is intended to revolve: repayments return to the IHFA loan pool to support future projects. Ellis said the first round supported about 15 multifamily projects totaling approximately 1,100 units, and that projects take time to develop and lease up after awards are made.
The governor’s current recommendation would provide additional capital intended to support an estimated 300 to 400 units over time through a revolving loan program. The administration told lawmakers the allocation of funds would comply with Idaho Code §67‑6227 and program rules. The treasurer’s office also briefed the committee on the abandoned property trust fund (Idaho Code Article 14 §5801), noting statutory transfers of fund balances above $500,000 to the general fund, and summarized staffing and cybersecurity requests in the treasurer’s operating budget.
State Treasurer Julie Ellsworth described the treasurer’s role as a pass‑through administrator for the workforce housing funds and said the treasurer would facilitate distribution under legislative direction. Committee members asked for project lists, repayment schedules and geographic distribution; IHFA representatives said they would provide details and a list of funded projects to the committee.
