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Treasurer backs $15 million transfer for workforce housing; prior $50 million dispersed via loans
Summary
The Idaho State Treasurer and Idaho Housing and Finance Association told the Joint Finance‑Appropriations Committee a proposed $15 million transfer from the general fund would be passed to IHFA for gap financing of workforce housing; IHFA said previous funding was issued as loans intended to revolve back into future projects.
The Joint Finance‑Appropriations Committee considered a governor’s recommendation to transfer $15 million from the general fund to the Idaho Workforce Housing Fund, with appropriation authority to pass the money through to the Idaho Housing and Finance Association for gap financing of workforce housing projects.
Legislative analyst Christopher Lahoset summarized the treasurer’s consolidated fund analysis and noted that, under statute, excess amounts in the abandoned property trust fund revert to the general fund after a $500,000 threshold. He also reviewed past transactions in which the legislature authorized a $50 million one‑time supplemental in 2022 intended to pass through the treasurer’s office to IHFA; that $50 million was ultimately dispersed to IHFA in FY23.
Brady Ellis, representing the Idaho Housing and Finance Association, told the committee the earlier $50 million was issued as loans and is intended to revolve: proceeds are repaid on developer schedules and return to IHFA to finance future projects. Ellis said the earlier awards aimed to support about 15 multifamily projects providing roughly 1,100 units, and IHFA expects the additional $15 million would provide gap financing for an estimated 300 to 400 units over time depending on project specifics.
State Treasurer Julie Ellsworth testified the proposed $15 million transfer is a policy decision for lawmakers and that the treasurer’s office will facilitate the pass‑through if directed. The treasurer’s office also noted prior activity in the workforce housing program and described its role in cash management and distribution.
Why this matters: the proposal would direct tens of millions of general fund dollars into a revolving program intended to lower financing gaps for affordable workforce housing projects. Committee members asked IHFA for project lists, geographic distribution of past awards, repayment schedules and how quickly new awards could be made; IHFA said federal funding rounds are oversubscribed and development lead times mean earlier awards are still in production, but new funding would be used through application competitions.
The committee did not take a final vote during the hearing and requested additional documentation on projects and repayment schedules.
