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Treasurer, IHFA describe loan pass‑throughs for workforce housing; governor recommends additional $15M transfer
Summary
The state treasurer and Idaho Housing and Finance Association told the Joint Finance‑Appropriations Committee the governor proposes a $15 million general‑fund transfer to the workforce housing fund to provide revolving gap financing; prior $50 million awards were issued as loans intended to be recycled into new projects.
Christopher Lahoset, Legislative Services Office budget analyst, briefed the Joint Finance‑Appropriations Committee on the State Treasurer’s request and the governor’s recommendation for workforce housing funding.
Lahoset described that in 2022 the legislature approved a one‑time supplemental of $50 million to the treasurer for pass‑through to the Idaho Housing and Finance Association (IHFA) for workforce housing gap financing; that money was reappropriated and subsequently dispersed to IHFA. The governor’s FY26 recommendation asks for an additional $15 million transfer from the general fund to the Idaho Workforce Housing Fund with appropriation authority so the funds can be lent for new projects.
Brady Ellis of the Idaho Housing and Finance Association told the committee the prior awards were structured as loans and are intended to return to IHFA as repayments and be re‑lent through a revolving loan fund. He said the earlier $50 million supported about 15 multifamily projects totaling roughly 1,100 units, and that a similar new infusion would be used to compete awards for additional developments; projects typically take several years from award to completion.
State Treasurer Julie Ellsworth confirmed to members that the proposed $15 million is a pass‑through handled by the treasurer’s office; she said the treasurer deposits and disperses funds according to legislative direction and noted the governor’s office contacted the treasurer to ask whether the treasurer could facilitate another transfer. Committee members asked for geographic detail on previously funded projects, repayment schedules and program mechanics; IHFA and treasurer staff said they would provide further documentation to the committee.
Why it matters: Workforce housing gap financing can unlock development projects that increase affordable and workforce housing supply. The supplemental and appropriation structure proposed would direct general‑fund dollars into a revolving loan model administered by IHFA.
