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Treasurer supports $15M general‑fund transfer to workforce housing loan fund; IHFA to administer gap financing
Summary
The State Treasurer and Idaho Housing and Finance Association described a proposed $15 million general‑fund transfer to the workforce housing fund and said prior loan rounds were issued as repayable loans to create a revolving loan pool for workforce housing projects.
The Idaho State Treasurer's office briefed the Joint Finance‑Appropriations Committee on its FY26 budget and a governor's recommendation to transfer $15 million from the General Fund to the Idaho Workforce Housing Fund. Treasurer Julie Ellsworth and Idaho Housing and Finance Association (IHFA) representative Brady Ellis answered committee questions about how the funds are structured and administered.
Christopher Lahoset, the Legislative Services Office analyst, noted past supplemental activity: the legislature previously approved a one‑time $50 million appropriation passed through the treasurer to IHFA to provide gap financing for workforce housing developments; that earlier allocation was ultimately disbursed by IHFA. At the hearing IHFA confirmed prior awards were structured as loans that will be repaid into a revolving loan fund to finance future projects. IHFA told the committee the earlier $50M supported about 15 multifamily projects totaling roughly 1,100 units; as those loans repay, funds return to IHFA’s revolving pool for future projects.
The treasurer also reviewed office responsibilities including investment of surplus funds, custody of public school endowment funds, and unclaimed property administration (with a cited rule that money in the abandoned property trust fund in excess of $500,000 may transfer to the General Fund). For FY26 the treasurer's office requested $25,000 in ongoing funding for an email/cloud security product to reduce phishing risks; the governor separately recommended the $15 million transfer for workforce housing along with appropriation authority to enable IHFA pass‑through gap financing.
Committee members asked for detail on prior awards, geographic distribution of projects, repayment schedules and how the loan repayments are tracked and reported; IHFA and the treasurer offered to provide committee members project lists and repayment details for follow‑up. No appropriation vote occurred at the hearing.
