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Idaho Housing and Finance Association
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IHFA introduced Bank Placement Bonds for Facility Loans, which offer tax-exempt rates to finance industrial, commercial, and other projects that promote economic development throughout Idaho.
IHFA managed more than $150 million in federal stimulus funding intended to help stabilize Idaho’s economy, and launched an innovative loan product called the Tax Credit 2nd Loan that allowed homebuyers to take advantage of the homebuyer tax credit up front. IHFA hosted the 2009 Idaho Conference on Housing, which had record attendance.
Idaho Housing introduced housingidaho.com, a free, bilingual rental listing and locator service, with the support of rental housing advocates across Idaho. Idaho Housing launched the Home Partnership Foundation, Inc., the state’s only charitable 501(c)3 housing organization that works to help people build a strong foundation for their lives through stable, safe, and affordable housing.
Idaho Housing launched its Workforce Housing Toolkit to address the needs of Idaho communities seeking adequate housing for its workforce; and the Home Equity Partnership Fund, a local community investment pool that partners with homebuyers to provide affordable workforce housing.
Idaho Housing launched IdaMortgage.com, an online resource and referral system for potential homebuyers seeking information on obtaining a mortgage. The Association issued its first GARVEE bond, which helped the Idaho Transportation Department fund projects across the state. IHFA also opened its lending program to mortgage brokers statewide, making its loan products more accessible to Idahoans.
Idaho Housing celebrated its 50,000th mortgage loan and its 10,000th Finally Home! Home Buyer Education graduate. Idaho's home ownership rate tops 75% for the first time ever. Idaho Housing interest rates remain below 6% throughout the year, and by the end of the year have been under that barrier for 30 consecutive months. Idaho Housing launched a new Section 8 homeownership program for voucher participants to help the disabled own their own homes, and increased both the amount of Down Payment Assistance to $3,000 and the sales price limits for home loans statewide to $150,000 ($189,000 in Blaine County).
Idaho Housing’s home ownership efforts help Idaho claim the top home ownership rate in the west at 73 percent. A record-low 4.75 percent mortgage interest rate is introduced in mid-June of the year, and the association’s Down Payment Assistance Program is re-emphasized as a tool for borrowers. Idaho Housing raises sales price limits by an average of 36 percent, to $145,000 for new construction and $135,000 for existing construction. Idaho Housing hosts its fourth Idaho Governor’s Conference, with a record attendance of more than 500.
Idaho Housing serviced 23,304 home loans at one point, breaking the record for the highest total in the association’s history. Other highlights included increasing assets to over $2 billion; building retained earnings to more than $167 million; and maintaining the association’s national-investment-grade credit rating of A1/P1. Idaho Housing also financed $240 million in home loans to Idahoans, and issued the 2500th minority home loan. Overall, the association also reached the milestone of its 45,000th borrowers.
Increased sales price limits statewide from $110,000 to $135,000 for newly constructed homes. Announced a record-low interest rate of 5.83% for first-time and existing home buyers. Developed the first 2000 Regional Profile Report—an overview of the Association’s work in each of our six regions. Worked successfully for passage of federal legislation that raises the private activity volume caps in each state by 50% over a two-year period.
Idaho Housing sold and closed a record $280,000,000 in Single-Family Mortgage Bonds. Idaho Housing serviced 21,195 mortgage loans—the highest in the program's history—and implemented online account payment and information. Graduated 135 FSS participants—a record number. Coordinated the highly successful three-day 2000 Idaho Governor’s Conference on Housing with nearly 500 attendees.
Finally Home!® home buyer education is introduced statewide for first-time home buyers. Idaho Housing becomes Idaho’s Participating Administrative Entity (PAE) for the state’s preservation of affordable housing stock. All four Idaho congressional delegates sign on to a bill to increase capacity for federal housing bond and Housing Tax Credit authority—both key resources in providing affordable housing.
Idaho Housing’s first Web site is launched. A new residential lending record—3,204 affordable home loans—is set through the Single-Family Loan Program. Governor Batt’s Affordable Housing Advisory Task Force is headed up by the Association. Idaho Housing implements four of the 17 recommendations in three months.
Idaho Housing celebrates 25 years of serving Idaho’s housing needs and hosts a record attendance at the Idaho Governor’s Conference on Housing. H.B. 131 authorizes Idaho Housing as the state’s issuer of non-housing tax-exempt bonds to finance capital improvements for eligible nonprofits.
SB 1296 removes State Sales Tax backing from future IHA bond issues, changes IHA’s name to Idaho Housing and Finance Association (IHFA) and adopts public disclosure policy. Idaho Housing makes its 30,000 home loan to a Nampa, Idaho family.
IHA issues first Single-Family Mortgage bonds without sales tax backing. IHA issues a record $172.9 million in mortgage financing to help 2,647 Idahoans into home ownership.
Idaho’s Family Self-Sufficiency Program begins as a cooperative effort between IHA and the Idaho Department of Health and Welfare.
IHA became the first housing finance agency to issue Commercial Paper—an important short-term financing tool.
IHA makes its 20,000th home loan to a Nampa, Idaho family.
Governor Cecil Andrus signs SB 1091 increasing IHA’s bonding authority to $1.4 billion.
IHA earns its own long-term general obligation credit rating of "A1" from Moody’s Investor Services, a national rating agency. IHA is one of a few housing finance agencies in the nation authorized to underwrite HUD multifamily loan insurance. IHA issues first bonds backed by its own general obligation rating to finance new office facilities.
Idaho Legislature approves an IHA bonding authority increase from $600 to $900 million.
In April, IHA initiates a first-come, first-served reservation system for its Single-Family Mortgage loans. The new system broadens the distribution of IHA funds in Idaho.
First Low-Income Housing Tax Credit issued for developments in Lewiston and Fruitland, Idaho.
Governor John V. Evans signs E.O. 86-30, designating IHA as Idaho’s Allocating Agency for Low-Income Housing Tax Credit.
IHA (in cooperation with the Idaho Association of REALTORS®, the Idaho Mortgage Bankers Association and the Idaho Building Contractors Association) sponsors Idaho’s first statewide housing conference.
IHA’s bonding authority increases from $400 to $600 million through legislative approval.
First IHA-financed, nonsubsidized multifamily housing complex—a 115-unit retirement complex in Boise.
IHA initiates an Aggregated Exception System for its Single-Family Mortgage Loan Program, allowing staff to more closely monitor the Agency’s loan portfolio.
Congress passes the Mortgage Subsidy Bond Tax Act, which restricts the use of funds derived from tax-exempt Mortgage Revenue Bonds sales.
Legislation is approved increasing IHA’s bonding authority from $200 to $400 million.
IHA initiates the Home Improvement Loan Program.
IHA repays the Idaho Legislature’s 1976 appropriation in full. IHA introduces the Single-Family Mortgage Loan Program with $35 million in bonds.
Idaho Legislature votes to extend State Sales Tax backing to IHA bonds, providing necessary credit enhancement to sell bonds in national credit markets. First Sales Tax-backed bond sold in June.
IHA requests and receives a $38,000 appropriation to keep its doors open. HUD authorizes IHA to administer the Section 8 Program in Idaho.
Idaho Supreme Court ratifies IHA’s ability to sell tax-exempt bonds and notes.
First IHA construction loan note to finance housing for the elderly.
All federal housing programs are placed on moratorium. This phases out the Section 23 Leased Housing Program—a means of securing multifamily bond issuances. IHA begins looking for other ways to meet bond issue security requirements.
Idaho Legislature passes SB 1407, IHA’s (Idaho Housing Agency) enabling legislation.
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