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Treasurer and IHFA describe loan pass‑throughs as governor seeks $15 million for workforce housing fund
Summary
The governor proposed a $15 million general‑fund transfer to the Idaho Workforce Housing Fund; IHFA and the state treasurer told the Joint Finance‑Appropriations Committee the money would be issued as loans and repayments would return to a revolving loan pool for future projects.
The state treasurer and a representative from the Idaho Housing and Finance Association (IHFA) explained a governor‑recommended $15 million transfer to the Idaho Workforce Housing Fund and described how the fund operates as a revolving loan vehicle.
Why it matters: Committee analysts noted a prior $50 million one‑time appropriation in 2022 that was intended to be passed through the treasurer to IHFA for gap financing of workforce housing projects. IHFA said the earlier awards were issued as loans and repayments are expected to return into a loan fund to support future projects.
How the program works: Brady Ellis of IHFA confirmed the loans from the earlier $50 million were structured as loans and said repayments will return to IHFA’s circulating loan fund for further use. Analyst Christopher Lahoset described the statutory framework that governs transfers and noted that some funds (for example, unclaimed property excesses) revert to the general fund per statute referenced in the presentation.
Governor’s proposal and committee questions: The governor recommended a $15 million transfer from the general fund to the workforce housing fund with appropriation authority to enable additional gap financing. Committee members asked how quickly prior awards were disbursed, how projects are geographically distributed, repayment timelines and whether the state treasurer or IHFA would provide detailed reports to the committee; IHFA and the treasurer agreed to provide project lists and repayment information.
Other treasury business noted: The treasurer’s presentation also covered routine agency functions—managing state deposits, investments and the unclaimed property program—and a requested ongoing $25,000 appropriation for an abnormal cloud email security product to assist with cybersecurity protections.
