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Treasurer, IHFA Describe Loan Model for Workforce Housing; Governor Recommends $15M Transfer
Summary
The State Treasurer and Idaho Housing and Finance Association told the Joint Finance-Appropriations Committee that prior workforce housing funds were distributed as loans and returned to a revolving loan pool; the governor's FY26 recommendation includes a $15 million General Fund transfer and appropriation to support additional gap financing.
The Joint Finance-Appropriations Committee reviewed the State Treasurer's budget, including a governor's recommendation to transfer $15 million from the General Fund into the Idaho workforce housing fund to provide gap financing for housing developments.
Legislative Services analyst Christopher Lahoset summarized the treasurer's responsibilities and fund flows, noting the treasurer acts as custodian for public school endowments, manages state deposits and investments, and administers unclaimed property. Lahoset called attention to the consolidated fund analysis and highlighted the abandoned property trust fund line; the analyst cited committee materials noting statutory direction for transfers when that fund exceeds thresholds.
Lahoset also reviewed a prior supplemental: the Legislature previously authorized a $50,000,000 one‑time supplemental in 2022 that the treasurer passed through to the Idaho Housing and Finance Association (IHFA) for gap financing; that $50 million was not spent in FY22 and was reappropriated to FY23, when IHFA received and deployed the funds.
Brady Ellis of IHFA told the committee the earlier funds were issued as loans and are intended to revolve: "They will be in existence for a period of time that'll range based on just financing, repayment, schedule," Ellis said, and noted the funds are expected to return to a circulating loan fund for future awards. IHFA and the treasurer said prior awards supported multi‑family developments and that the intent of the new $15 million is similar—to support additional workforce housing gap financing, with IHFA administering competitive awards.
Treasurer Julie Ellsworth confirmed the treasurer's office can facilitate a transfer and distribution if the Legislature approves the appropriation and noted the transfer is a policy decision for lawmakers. Lahoset said the governor's materials reference Idaho Code (committee materials cited the relevant statute as 67-6227) as the basis for the proposed allocation.
The committee asked how quickly prior funding was deployed and where projects were located; IHFA said development and construction timelines mean awards from a competition often take months to years to progress to construction and lease‑up, and that prior rounds supported about 15 multifamily projects creating roughly 1,100 units in aggregate, with some projects recently reaching lease‑up. Committee members requested IHFA and the treasurer provide further project lists and repayment/portfolio details for review as they consider the FY26 transfer recommendation.
