In March, Idaho Gov. Brad Little (R) signed two pieces of legislation that represent a $50 million investment in affordable housing for Idaho’s workforce. The Idaho Workforce Housing Fund will provide financial assistance for housing developments aimed at middle‐income Idahoans for whom it has been increasingly difficult to find suitable rental homes.
Idaho Housing and Finance Association (IHFA) is moving quickly to finalize a plan that will set in motion the process to invest the funding throughout the state. IHFA is seeking potential developments that would be strong candidates for these funds or developments in which these funds would be essential for it to succeed. Include any basic information, such as the city/county in which the development would be located, the anticipated number of units, and a rough estimate of the financing gap. In addition, general comments regarding the Workforce Housing Fund would be appreciated. Please send all comments to multifamily@ihfa.org.
Comprehensive rules, processes and definitions will be included in a Workforce Housing Allocation Plan, which will be released in the coming months. In general, this plan will have three guiding principles:
- Funds will be allocated to projects with units targeted at affordable workforce housing*;
- The funds are only to be used as gap financing* for eligible projects; and
- The funds will be equitably distributed* throughout Idaho.
To ensure fair and equitable distribution, the funds will be allocated through a competitive application process every August for as long as the funding is available. Projects will be scored based on several criteria. Overall preference will be given to projects that have matching financial support from local government entities and that provide the most housing.
