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Treasurer supports $15M transfer for workforce housing; unclaimed property and cybersecurity requests small
Summary
The State Treasurer told the Joint Finance‑Appropriations Committee the governor recommends a $15 million transfer from the general fund to the Idaho Workforce Housing Fund for gap financing through the Idaho Housing and Finance Association, and that a prior $50 million allocation was issued as loans to be revolved.
Christopher Lahoset, budget and policy analyst with the Legislative Services Office, briefed the Joint Finance‑Appropriations Committee on the State Treasurer’s FY26 budget and related fund activity.
Lahoset summarized the treasurer’s statutory duties — custodian of public school endowments, state banker, investor of surplus funds and administrator of unclaimed property — and drew attention to the abandoned property trust fund, which is used to pay costs of enforcing unclaimed property law; Idaho Code Article 14, §5801 directs excess funds above $500,000 be transferred to the general fund.
On workforce housing, Lahoset noted the 2022 Legislature had previously authorized a one‑time $50 million deposit into the workforce housing program; the governor recommended a $15 million transfer from the general fund to the Idaho Workforce Housing Fund with appropriation authorization for IHFA to provide gap financing. Brady Ellis of the Idaho Housing and Finance Association told the committee the prior $50 million awards were issued as loans and are intended to revolve — repayments return to IHFA’s loan pool for future use.
Treasurer Julie Ellsworth confirmed the transfer would be a pass‑through to IHFA and noted that the Treasurer’s Office does not operate the housing program itself. She also described the treasurer’s FY26 request for a modest ongoing cybersecurity tool (about $25,000) for email/cloud security and noted unclaimed property staffing increases in prior years (two additional claims agents authorized in FY25).
Committee members asked about the speed of deployment of previously authorized housing dollars and the geographic distribution of projects; IHFA said awards were competitive and projects take time to develop, and that some of the 50 million have only recently reached construction and lease‑up phases. IHFA provided details on projects and indicated the previous round funded about 15 multifamily projects totaling roughly 1,100 units, with units coming online on a staggered schedule.
Ending: The committee requested additional documentation about IHFA awards, repayment schedules, and geographic distribution of projects. No appropriation vote occurred during the hearing.
