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Governor proposes $15 million general‑fund transfer to workforce housing loan program; prior $50 million passed through to IHFA
Summary
The governor recommended a $15 million transfer from the general fund to the Idaho workforce housing fund, with appropriation authorization to provide gap financing through revolving loans; the committee heard that an earlier $50 million appropriation was passed through to Idaho Housing and Finance Association as long‑term loans that are intended
The governor recommended that the legislature transfer $15,000,000 from the general fund to the Idaho workforce housing fund and provide appropriation authorization so the treasurer can pass those funds through to the Idaho Housing and Finance Association (IHFA) for gap financing of workforce housing developments.
Christopher Lahoset, Legislative Services analyst, summarized the treasurer’s budget materials and noted the 2022 supplemental that authorized $50,000,000 in trustee and benefit payments from the Idaho workforce housing fund; Lahoset said the $50,000,000 was not spent in the first fiscal year it was authorized and was reappropriated, and that in FY2023 the funds were ultimately dispersed to the Idaho Housing and Finance Association.
Brady Ellis of the Idaho Housing and Finance Association told the committee the previous round of funds was issued as loans and that repayments are intended to return to a revolving loan pool for future awards. "They were issued as loans in the first round... They are intended to come back into a circulating loan fund, and the funds will go back out in a similar manner in the future," Ellis said. He said awards from the earlier $50,000,000 would fund several multi‑family projects and that the estimated development pipeline from the previous allocation included roughly 1,100 units across multiple projects with some projects now beginning lease‑up.
Lahoset also described the governor’s FY2026 recommendation to transfer $15,000,000 from the general fund to the workforce housing fund and to appropriate that amount for gap financing. The Governor’s Office expects those funds to comply with the requirements of Idaho Code section 67‑6227 as presented in the budget materials.
Committee members asked how quickly IHFA dispersed the earlier $50,000,000, where projects are located and how repayment cycles operate; IHFA told the committee that project timelines vary because development lead time is multi‑year and that awards were oversubscribed relative to program funds. IHFA agreed to provide the committee with a geographic breakdown of earlier awards and a schedule showing expected repayment timelines.
The treasurer, Julie Ellsworth, noted that if the legislature authorizes the transfer she can facilitate the pass‑through, and she characterized the treasurer’s role as custodian/facilitator of the funds. The committee requested additional documentation on the program pipeline, the number and location of projects funded by the earlier $50,000,000, and expected revolvability of loan repayments.
No final appropriation action was taken during the hearing; members asked for follow‑up materials to inform budget decisions.
