Release Date: 10/19/2017
with Refinancing of Idaho’s GARVEE Transportation Bonds
BOISE, Idaho – Working to ensure the best stewardship of state funds, Idaho Housing and Finance Association (IHFA) and the Idaho Transportation Department (ITD) refinanced $101 million of GARVEE bonds for a savings of $13.1 million. The bond issuance refinances transportation bonds issued in 2008 and 2009 at a lower interest rate of 2.24 percent.
“Idaho Housing is pleased to be able to use our financial expertise to save ITD money that can be reinvested and accomplish even more transportation improvements for Idahoans,” according to Gerald M. Hunter, IHFA president and executive director. “We look forward to our continuing partnership with ITD, helping to make our roadways safer and bolstering the state’s economy.”
Idaho’s GARVEE Transportation Program strengthened the state’s economy through safer travel and greater highway capacity by investing $857 million in highway improvement projects from 2006 to 2015. It is one of the largest public works initiatives in Idaho history, with 59 major projects on six transportation corridors. Since the GARVEE projects were completed in 2015, total injury crashes have been reduced by 34% and total fatal crashes by 79% throughout the state.
GARVEE stands for Grant Anticipation Revenue Vehicle, it is a bond that is repaid with future federal-aid highway dollars, designed to help states expedite highway improvements. A summary of Idaho’s GARVEE Transportation Program is available on the ITD website at: ITD Funding
About Idaho Housing and Finance Association
Idaho Housing and Finance Association is a financial services and housing business organization. IHFA’s mission is to improve lives and strengthen Idaho communities by expanding housing opportunities, building self-sufficiency, and fostering economic development.