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Treasurer backs $15M governor transfer to workforce housing fund; IHFA says prior $50M awards were loans
Summary
The State Treasurer and Idaho Housing and Finance Association told the Joint Finance-Appropriations Committee that a governor‑recommended $15 million general‑fund transfer to the workforce housing fund would be distributed as revolving loans; IHFA confirmed the earlier $50 million awards were loans intended to revolve back into future rounds.
The Idaho State Treasurer’s Office discussed a governor‑recommended $15 million transfer to the Idaho Workforce Housing Fund and related budget items with the Joint Finance-Appropriations Committee, while the Idaho Housing and Finance Association (IHFA) described the earlier $50 million allocation as loans intended to revolve back into the program.
Budget analyst Christopher Lahoset summarized the treasurer’s role as custodian of state funds and highlighted that Article 14, section 5801 of Idaho Code requires money in the abandoned property trust fund above $500,000 to transfer excess to the general fund. He told the committee that previous legislative action had authorized a one‑time $50 million passthrough in 2022 from the treasurer to IHFA to provide gap financing for workforce housing developments; that $50 million was reappropriated and dispersed in FY23.
Brady Ellis of IHFA told the committee the $50 million previously issued was structured as loans and is expected to return to IHFA and be available for future revolving loans as projects repay. "They were issued as loans in the first round, just to confirm that," Ellis said. He described a multi‑year deployment cycle for development projects and said that of the projects funded previously, roughly 15 multifamily projects and about 1,100 units were planned, with several projects beginning lease‑up now.
Treasurer Julie Ellsworth said the current governor recommendation would again route money through the treasurer’s office to IHFA for gap financing; she confirmed the treasurer’s office acts as a pass‑through and that use of general funds for the transfer is a policy choice for lawmakers. The treasurer’s office also sought a $25,000 ongoing operating increase for cloud email security and anti‑phishing services for agency cybersecurity.
Committee members asked about the pace of prior awards, geographic distribution and loan repayment; IHFA said the prior round was oversubscribed and projects take years to develop, and that award repayments feed a revolving program. Lawmakers requested documentation on where previous funds were allocated and repayment schedules for committee follow-up. No formal appropriation action occurred in the hearing.
