Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Workforce Housing Transfer topic
No spam. Unsubscribe anytime.
Treasurer backs $15 million general‑fund transfer for workforce housing loans; prior $50M round administered as loans
Summary
The State Treasurer’s office and Idaho Housing and Finance Association described a proposed $15 million general‑fund transfer to a workforce housing revolving loan program; IHFA confirmed the earlier $50 million pass‑through was issued as loans intended to revolve back into future projects.
The Idaho state treasurer and the Idaho Housing and Finance Association told the Joint Finance‑Appropriations Committee on Oct. 24 that the governor recommends a $15 million transfer from the General Fund to the Idaho Workforce Housing Fund to provide gap financing for workforce housing developments.
Christopher Lahoset, the Legislative Services Office analyst for the hearing, said the treasurer’s materials show a governor‑recommended $15 million transfer and appropriation authorization to provide long‑term loans as gap financing. Brady Ellis of the Idaho Housing and Finance Association confirmed to the committee that the earlier $50 million the state passed through to IHFA in prior legislation was also issued as loans, will be repaid according to each project’s financing schedule, and was intended to flow back into a revolving loan fund for future use.
Idaho State Treasurer Julie Ellsworth told the panel that the treasurer’s office administers pass‑throughs and that the distribution mechanics are set by policy or statute. Lahoset’s presentation noted the treasurer’s office is custodian of public school endowment funds, manages investments and unclaimed property, and that Article 14, Section 5801 of the Idaho Code governs certain fund procedures cited in the presentation.
Why it matters: IHFA said the prior $50 million produced awards for multifamily projects—15 projects totaling about 1,100 units—some of which are now beginning lease‑up. IHFA said a new $15 million infusion would be expected to provide gap financing to produce an estimated 300 to 400 units over time, subject to applicants and project viability.
The treasurer’s office also requested a modest operating enhancement for cybersecurity email filtering for core treasury operations; the ledger presented to the committee also explained that the abandoned property fund has statutory rules for transfers to the General Fund when balances exceed $500,000 (referencing Article 14, Section 5801 language in the budget book). No formal committee action was recorded in the hearing transcript; committee members requested supplemental materials, including geographic distribution of prior awards and repayment schedules for the $50 million program.
