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Treasurer outlines workforce‑housing pass‑through; IHFA says loans will revolve to fund future projects
Summary
The State Treasurer and Idaho Housing and Finance Association told the Joint Finance‑Appropriations Committee the governor’s proposed $15 million general‑fund transfer to the workforce housing fund would be passed through to IHFA as gap financing loans; IHFA said prior $50 million in funding was issued as loans that will revolve as repaid.
Christopher Lahoset, the Legislative Services Office analyst, presented the State Treasurer’s budget overview and called attention to the abandoned property trust fund and other consolidated funds. He told the committee that statute (quoted in the presentation as Article 14, section 5801) requires money in the abandoned property trust fund in excess of $500,000 be transferred to the general fund.
Lahoset reminded members that the legislature previously authorized a $50,000,000 one‑time supplemental to the State Treasurer in 2022 to pass through to the Idaho Housing and Finance Association (IHFA) for gap financing of workforce housing; those funds were reappropriated and disbursed in a later fiscal year. The governor’s FY26 recommendation included a $15,000,000 transfer from the general fund to the Idaho Workforce Housing Fund, accompanied by appropriation authority, to provide additional gap financing. The recommendation references Idaho Code §67‑6227 as a governing provision for allocation (as cited in the presentation).
Brady Ellis of the Idaho Housing and Finance Association told the committee that the first $50,000,000 was issued as loans and that proceeds from repayments will return to a revolving loan fund to be re‑deployed to additional projects. IHFA said the earlier funding supported 15 multifamily projects and will create roughly 1,100 units overall; some awarded projects are now approaching completion and beginning leasing.
Committee members asked about the pace of awards and geographic distribution. Ellis said demand has outpaced available funds—applications have been oversubscribed—and development timelines can span several years because projects must complete design, permitting and construction before lease‑up. The prior $50,000,000 supported projects that are now starting to come online; IHFA committed to provide the committee with a geographic list of awarded projects and additional detail on repayment schedules.
State Treasurer Julie Ellsworth confirmed that the proposed $15,000,000 transfer would be handled as a pass‑through and that the treasurer’s office would facilitate distribution under the policy direction set by lawmakers. She said the treasurer’s office can administer funds as directed and reported that the office returned significant interest earnings to the general fund in the prior year.
