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Treasurer supports $15M workforce housing transfer proposal; treasurer and IHFA describe loan reuse
Summary
The State Treasurer described office responsibilities and supported a governor recommendation to transfer $15 million from the General Fund into the workforce housing fund as a revolving loan pool; Idaho Housing and Finance Association said prior $50 million awards were issued as loans and will revolve back for future projects.
Christopher Lahoset, Legislative Services Office budget analyst, reviewed the State Treasurer’s responsibilities and highlighted consolidated fund activity and proposed transfers before the Joint Finance‑Appropriations Committee.
Lahoset said the treasurer acts as the banker for state agencies, custodian of public school endowment funds and administers unclaimed property statutes. He drew attention to the abandoned property trust fund and cited Article 14, section 5801 of Idaho Code, which he said requires money in excess of $500,000 in that fund to be transferred to the General Fund.
The analyst noted the legislature previously authorized a supplemental $50 million one‑time transfer that was routed through the treasurer to the Idaho Housing and Finance Association (IHFA) for gap financing of workforce housing; that $50 million was later distributed to IHFA. For the current budget cycle, Lahoset said the governor recommends a $15 million transfer from the General Fund to the Idaho Workforce Housing Fund along with appropriation authority to provide additional support for workforce housing development. The governor’s office indicated the allocation will comply with statutory requirements cited as 67-62-27 of Idaho Code.
Brady Ellis of IHFA told the committee that the earlier $50 million awards were issued as loans, will be repaid on schedules that vary by project, and are intended to replenish a revolving loan fund. IHFA said the earlier funding supported 15 multifamily projects totaling about 1,100 units and that projects take time to move from award to construction and lease‑up.
Treasurer Julie Ellsworth said the treasurer’s office facilitates transactions and noted that funds administered by the office are placed into the general fund when appropriate; the office does not retain a dedicated fund for filings and instead deposits excess revenue into the general fund and draws what it needs to operate. She told lawmakers she can facilitate a pass‑through transfer for the $15 million workforce proposal if lawmakers approve it and asked that statutory and policy questions be resolved by the Legislature.
Lahoset also summarized the treasurer’s FY26 enhancement request for $25,000 ongoing to fund a cloud email security product and noted prior enhancements that added unclaimed property staff. Committee members asked for geographic information on projects funded by the earlier $50 million and for further details on loan repayment and use of revolving funds; IHFA said it would provide that information to the committee.
