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Treasurer, IHFA discuss $15M workforce housing transfer; loans intended to be recycled to future projects
Summary
The State Treasurer and the Idaho Housing and Finance Association told JFAC a recommended $15 million general‑fund transfer to the Workforce Housing Fund would be distributed as long‑term loans to developers and expected to return to the fund for future projects. Officials said prior federal‑sourced awards produced 15 projects (about 1,100 units)
At a Joint Finance‑Appropriations Committee hearing, the state treasurer and the Idaho Housing and Finance Association (IHFA) discussed a governor‑recommended $15 million transfer from the general fund to the Idaho Workforce Housing Fund, outlining that prior appropriations were distributed as loans and that repayments are expected to return to a revolving loan pool.
Why it matters: Committee members asked whether the recommended $15 million transfer would operate like the previous $50 million allocation (initially passed as federal recovery‑source funds), and whether funds would be issued as loans, grants or pass‑through payments. The treasurer’s office said it would serve as pass‑through capital to IHFA for loan financing to support workforce housing developments.
What officials said: Brady Ellis of IHFA confirmed the earlier $50 million awards were issued as loans and will be repaid on schedules that vary by project; IHFA said repayments are intended to flow back into a circulating loan fund for future workforce housing projects. Treasurer Julie Ellsworth said the governor’s recommendation would be facilitated through the treasurer’s office as a pass‑through and identified the transfer as a policy decision for the legislature.
Committee members asked about the pace of awards and geographic distribution. IHFA said applications for prior rounds were oversubscribed—requests exceeded available funding by approximately threefold—and that development timelines mean projects can take several years from award to lease‑up; IHFA reported 15 multi‑family projects (about 1,100 units) were created with the prior funding and that some projects are now coming online. The treasurer’s analyst also briefed the committee on the abandoned property trust fund rules (Idaho Code Article XIV, section 5,801 referenced in the analyst’s materials) and described routine transfers to the general fund when balances exceed statute limits.
Ending: Lawmakers requested additional documentation on prior award recipients and geographic distribution of funded projects; IHFA said it would provide lists of projects and award locations for committee members. No formal vote occurred during the hearing.
