Treasurer backs $15M general fund transfer to workforce housing fund; IHFA explains loan structure

The State Treasurer’s Office briefed the Joint Finance‑Appropriations Committee on the governor’s recommendation to transfer $15 million from the general fund to the Idaho Workforce Housing Fund to support revolving‑loan financing for workforce housing developments.

Christopher Lahoset, Legislative Services Office analyst, noted prior supplemental appropriations included a $50 million one‑time authorization routed through the treasurer to the Idaho Housing and Finance Association (IHFA) for gap financing. Lhoset summarized the treasurer’s role in managing funds and noted statutory provisions guiding the abandoned property trust fund and other consolidated funds.

Brady Ellis of the Idaho Housing and Finance Association told the committee that the earlier $50 million awards were issued as loans with varying repayment schedules and that repayments are intended to recycle into a program to support additional projects. He said the prior funding supported 15 multifamily projects representing roughly 1,100 units, some of which are now coming online.

Treasurer Julie Ellsworth confirmed the treasurer is prepared to facilitate the $15 million transfer and described the transaction as a pass‑through that IHFA would administer as a lending program. She also noted the treasurer’s office manages unclaimed property and other fiduciary responsibilities; the analyst flagged that statute requires money in the abandoned property trust fund in excess of $500,000 be transferred to the general fund.

Committee members requested details on how quickly prior funds were awarded, where projects were located geographically, how repayments flow back into the program, and about transparency of expenditures by the nonprofit administering the loans. IHFA and the treasurer said they would provide follow‑up materials and lists of projects and awards.

No committee vote occurred during the hearing.