Governor recommends $15 million general‑fund transfer for workforce housing loan program; treasurer and IHFA outline pass‑through and loan reuse

Christopher Lahoset, Legislative Services Office analyst, summarized the State Treasurer’s presentation and noted the governor’s recommendation of a $15 million general‑fund transfer to the Idaho Workforce Housing Fund with appropriation authorization for pass‑through financing.

Brady Ellis of the Idaho Housing and Finance Association told the committee the first round of the $50 million previously approved was issued as loans to projects and that repaid principal returns to a circulating loan fund to be reused for future projects. He said developments financed from the earlier round total 15 multi‑family projects creating about 1,100 units, and that projects have varying development timelines so funds are disbursed and repaid on different schedules.

Idaho State Treasurer Julie Ellsworth confirmed the treasurer’s role is custodial: the treasurer facilitates transfers and pass‑throughs and manages state funds but the policy decision to authorize the transfer rests with the Legislature. Committee members asked about program mechanics, repayment and transparency; Ellis and the treasurer said loans are intended to circulate back to IHFA for future awards and that additional committee materials showing project lists and geographic distribution would be provided on request.

The treasurer’s office presentation also reviewed the treasurer’s fiduciary duties, the abandoned property trust fund rules and prior trustee disbursements; Lahoset noted the statute governing transfers from the abandoned property trust fund requires excess balances above $500,000 to be returned to the general fund. The committee did not take a formal vote during the hearing; members asked for further documentation on project awards and repayment schedules.