Financing Options

Short-Term Financing Lending Program

IHFA provides short-term financing (6-24 months) to help facilitate affordable housing developments. This financing can provide funding for housing-type loans including land purchases, infrastructure financing and construction loans. All loans will have a specified takeout or payoff associated with the proposal. IHFA will not entertain any speculative projects. Proposed projects must meet the objectives established by IHFA’s executive team and its board of commissioners.

Please click on the link below for detailed information.

Short-Term Financing Lending Program

Construction/Permanent Loan

IHFA offers construction loans with very competitive rates and fees. In addition, terms of up to 18 months with a 6 month extension upon IHFA approval are available. We have years of construction lending experience and take pride in our lending flexibility and quick turnaround of draw requests.

Please click on the link below for detailed information.

Construction Loan Financing Term Sheet

Permanent Loan – Idaho Community Reinvestment Corporation (ICRC 501(c)(3)

The Idaho Community Reinvestment Corporation (ICRC) is a nonprofit mortgage-banking consortium formed in 1993 by 10 Idaho financial institutions. The nonprofit 501(c)(3) organization has a $22 million revolving loan pool to provide permanent financing for the development of affordable housing throughout Idaho.

The ICRC, in partnership with the Idaho Housing and Finance Association, pursues a common goal of providing multifamily housing to low- to moderate-income Idaho families. In this partnership, the ICRC provides the capital and IHFA provides the affordable housing “knowledge.” As an agent for the ICRC, IHFA underwrites loan proposals and presents these as credit recommendations to the ICRC Loan Committee.

Funding decisions are approved by the Loan Committee, which is comprised of real estate professionals from the member institutions. IHFA provides technical assistance to the ICRC and affordable housing developers based on its extensive experience in finance, real estate financing of resources, potential equity sources and affordable housing. The benefits from this IHFA/ICRC partnership include the maximum use of scarce housing resources and better service to developers by providing a “one-stop shop” for affordable housing sponsors.

Information and Brochures

• ICRC Fact Sheet

IHFA Risk Share Permanent Loan

IHFA offers a permanent loan utilizing the Risk Share program with a minimum loan amount of $1,500,000.

Subordinate Financing

IHFA can also assist affordable housing sponsors in obtaining subordinate financing for their project. During construction, subordinate financing typically covers the difference, or equity gap, between the cost of construction and the amount of the construction loan. After construction, the loan is in a subordinate position to the senior permanent lender. Learn more about subordinate financing by clicking on HOME Program.

Financing Documents

• Approved Appraiser List
• Approved Hazardous Providers List

CONTACT

For more information about Multifamily Financing, call 208.331.4700 or
email us at multifamily@ihfa.org