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State Treasurer briefs committee on workforce housing pass-throughs, unclaimed property rules
Summary
The State Treasurer's Office explained its role as fiscal custodian, discussed unclaimed property rules that send excess balances to the general fund, and relayed a governor proposal to transfer $15 million from the general fund to the workforce housing fund for gap financing.
Christopher Lahoset of the Legislative Services Office presented the State Treasurer's budget overview to the Joint Finance-Appropriations Committee, reviewing duties, fund structure and recent passthrough authorizations.
Lahoset said the Office of the State Treasurer serves as the state's banker, handles investments of surplus money and administers unclaimed property. He drew the committee's attention to the abandoned (unclaimed) property trust fund, which the analyst said is used to carry out unclaimed property law and that statute provides any amounts in the fund in excess of $500,000 should be transferred to the general fund.
Lahoset recalled a legislative supplemental of $50 million in trustee and benefit payments in 2022 intended as passthrough to the Idaho Housing and Finance Association (IHFA) for workforce housing gap financing; that amount was reappropriated and later dispersed in FY2023. He told members the governor's FY2026 recommendation includes a $15 million transfer from the general fund to the Idaho Workforce Housing Fund, with appropriation authorization, intended to provide gap financing for an estimated 300 to 400 housing units over time. Lahoset said the governor's office indicated allocation would comply with Idaho Code 67-62-27.
Brady Ellis of IHFA told the committee the earlier $50 million round was issued as loans and is intended to revolve as loans are repaid. Christine Ellis said the funds are intended to be recycled to finance additional projects in the future. (IHFA provided the explanation that initial awards required development lead time; multiple projects from the first round are now starting leasing.)
Julie Ellsworth, the state treasurer, confirmed the state treasurer would facilitate any transfers or pass-throughs but said policy decisions about using general fund dollars for housing are legislative choices. "In terms of facilitating how it's to be distributed, I can do that," Ellsworth said. She also offered to help the committee obtain performance and repayment details for prior IHFA awards.
Committee members sought details on the speed of deployment of previously awarded funds, geographic distribution of projects funded with the earlier $50 million, and how repayments flow back into revolving funds. IHFA said the award process is competitive and oversubscribed and that it expects demand to exceed supply. The committee asked IHFA and the treasurer to provide further documentation on projects funded, repayment schedules and geographic distribution.
No votes were taken during the hearing; members requested follow-up material from IHFA and the treasurer's office.
