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Governor recommends $15 million transfer to workforce housing fund; IHFA says loans will revolve
Summary
The governor recommended a $15 million general fund transfer to the Idaho workforce housing fund and appropriation authority so the treasurer can pass the money to the Idaho Housing and Finance Association for gap financing; IHFA told the committee prior federal-funded loans were issued as loans and repayments return to a revolving pool.
At the Joint Finance-Appropriations Committee, the State Treasurer’s Office and the Idaho Housing and Finance Association (IHFA) discussed a governor-recommended $15 million transfer from the general fund to the Idaho workforce housing fund to support additional gap financing for workforce housing projects.
Christopher Lahoset, the Legislative Services Office analyst, summarized the treasurer’s budget presentation and noted the FY26 governor’s recommendation includes a general fund transfer and appropriation authorization for workforce housing. He reminded the committee that the legislature previously approved a $50 million one-time authorization in 2022 intended to flow through the treasurer to IHFA; that earlier funding was ultimately disbursed by IHFA as loans to support multifamily housing projects.
IHFA explained prior round was loaned and will revolve Brady Ellis of the Idaho Housing and Finance Association told the committee the earlier $50 million awards were issued as loans; repayment schedules vary by project, and repaid funds return to IHFA as a revolving loan fund for future projects. Ellis said the prior round supported about 15 multifamily projects and roughly 1,100 units, and that projects take time to develop, so earlier awards are only now beginning to come online.
Treasurer and staff described pass-through role Treasurer Julie Ellsworth confirmed the treasurer’s office facilitates the transfer and acts as custodian; the treasurer described the $15 million proposal as a pass-through intended to be used similarly to previous funds and reiterated that policy decisions about whether to authorize transfers rest with the legislature.
Ending Committee members asked for details about repayment timelines and geographic distribution of prior awards; IHFA said it would provide a project list and award information to the committee for follow-up.
