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Treasurer, IHFA explain prior workforce housing loans as proposed $15M GF pass‑through
Summary
The State Treasurer and Idaho Housing and Finance Association described a proposed $15 million general‑fund transfer to the workforce housing fund and said prior $50 million passed through to IHFA were issued as loans intended to revolve back for future projects.
The State Treasurer’s Office and Idaho Housing and Finance Association (IHFA) representatives told the Joint Finance‑Appropriations Committee that previously appropriated workforce housing dollars were issued as loans and that a governor’s recommendation to transfer $15 million from the general fund would be passed through to IHFA to provide gap financing for new projects.
Christopher Lahoset, the Legislative Services Office analyst presenting the treasurer’s budget, summarized the governor’s recommendation: a $15 million general fund transfer to the Idaho workforce housing fund and accompanying appropriation authorization to provide additional gap financing for workforce housing developments. Lahoset said the anticipated outcome of the funding is "to provide gap financing to build an estimated 300 to 400 units of revolving loan program over time."
Brady Ellis, with the Idaho Housing and Finance Association, confirmed that the earlier $50 million appropriated in 2022 was issued as loans and that loan repayments are intended to return to a revolving loan fund for future awards. "They will be in existence for a period of time that’ll range based on financing and repayment schedules, and they are intended to come back into a circulating loan fund," Ellis said.
Treasurer Julie Ellsworth told the committee the treasurer’s office would facilitate any transfer and that previous workforce housing disbursements were competitively awarded through IHFA. She noted the transaction structure is a policy decision for lawmakers, and the treasurer’s office acts as the financial steward for the pass‑through. Committee members asked for details about geographic distribution of past awards and repayment schedules; IHFA said it could provide a list of prior projects and locations.
No formal appropriation action was taken during the hearing; the committee requested additional information about prior awards and repaid use of funds as it considers the governor’s recommendation.
