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Proposal to transfer $15M from general fund to workforce housing loan pool described as revolving loan mechanism
Summary
The treasurer and Idaho Housing and Finance Association described a proposed $15 million general‑fund transfer to the workforce housing fund that would be disbursed as loans to provide gap financing; agency representatives said prior federal funds had been structured as loans that revolve back into the program.
BOISE — The State Treasurer’s Office and Idaho Housing and Finance Association (IHFA) described to the Joint Finance‑Appropriations Committee a proposal to transfer $15 million from the general fund to the workforce housing fund to support workforce housing development through gap financing.
Christopher Lahoset, Legislative Services Office analyst, told the committee the governor recommends a $15 million transfer from the general fund to the Idaho Workforce Housing Fund along with appropriation authorization to provide gap financing for developments. The governor’s office indicated the allocation would comply with Idaho Code §67‑62‑27.
Brady Ellis of the Idaho Housing and Finance Association told the committee the prior $50 million the state provided from federal recovery funds was issued as loans. “They were issued as loans in the first round,” Ellis said, adding that those loans were structured so repayments flow back into a revolving loan fund to be reissued for future workforce housing projects. IHFA said the earlier $50 million supported roughly 15 multifamily development projects totaling about 1,100 housing units, and that the new $15 million would similarly be used for gap financing in projects that make use of IHFA programs and underwriting.
State Treasurer Julie Ellsworth confirmed the transfer would be structured as a pass‑through to IHFA and said such arrangements are within the treasurer’s administrative role. Committee members asked for a post‑award geographic breakdown of earlier projects and for details on repayment schedules; IHFA said it would provide project lists and timing information to the committee.
No appropriation vote occurred during the hearing; the recommendation was presented for the committee’s consideration in the FY2026 budget cycle.
