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Treasurer backs governor's $15 million transfer to workforce housing loan program
Summary
The State Treasurer and Idaho Housing and Finance Association described a proposed $15 million general-fund transfer to the workforce housing revolving loan program; the funding would be passed through to IHFA for gap financing of multifamily projects.
The Joint Finance-Appropriations Committee heard a request to transfer $15 million from the general fund to the Idaho Workforce Housing Fund to provide gap financing for multifamily workforce-housing projects.
Christopher Lahoset, Legislative Services Office analyst, summarized the Treasurer's presentation. The governor’s recommendation included a $15 million transfer and appropriation to support workforce housing development. The Treasurer’s office noted that a prior one-time supplemental of $50 million had been passed through to the Idaho Housing and Finance Association (IHFA) in 2022–23 and was structured as loans to be used for gap financing; IHFA confirmed that those awards were issued as loans and would be repaid into a revolving fund to support future projects.
Nut graf: The funding model is structured as a revolving loan program: state funds are loaned to developers and repayments return to the loan pool for future awards. IHFA said prior awards are coming online now and that demand historically exceeds available funds.
Brady Ellis of IHFA told the committee the earlier $50 million supported multiple projects and the funding mechanism is expected to return principal to the revolving pool over time. Ellis said the earlier program supported about 15 multifamily projects representing roughly 1,100 units, and that it can take years from award to construction and lease-up; several of those projects are now beginning to come online. IHFA said they expect the additional $15 million to be used similarly if approved.
Lahoset also referenced the abandoned-property trust fund and statutory language that governs transfers of excess amounts to the general fund, citing “Article 14, section 58 0 1 of Idaho code” as the code referenced in the Treasurer’s presentation for unclaimed-property transfers.
Ending: The Treasurer’s office indicated it would facilitate the transfer if directed by the legislature. Committee members asked for details on geographic distribution and repayment schedules for prior awards; IHFA and Treasurer staff said they would provide project-level documentation on previous awards and expected repayments for committee review.
