Idaho Housing and Finance

Idaho Housing and Finance Association is a Unique Financial Institution

The Idaho Housing and Finance Association  was established by the Idaho Legislature in 1959 and has been providing low-interest loans to first-time homebuyers, owners of rental properties, and developers of affordable housing ever since. Headquartered in Boise, Idaho Housing and Finance today administers 3 funds that have helped more than 180,000 households around the state obtain affordable housing over the past 50 years.

What Is Idaho Housing and Finance?

The Idaho Housing and Finance Association was created in 1975 to administer federal loans that were used to create low-income housing. These loans were used to build apartments for lower income families, including elderly people, disabled individuals, and single parents with small children, and people with mental illness or developmental disabilities. In 2000 IHA took on its new responsibility of administering Idaho Housing and Finance USDA Rural Development Affordable Housing Program funds for development of rental units for extremely low-income families as well as homeownership opportunities for rural residents who could not otherwise afford it.

This program also provided funds for single room occupancy hotels where people can live when they are between jobs or in temporary financial distress but need a safe place. Other areas of activity include foreclosures assistance, home rehabilitation grants, mortgage assistance, principal reduction programs and neighborhood stabilization programs.

The state expects to receive $14 million to add another 320 low-income homes in Idaho Housing and Finance, bringing total of new construction to $35 million for 672 new housing units for extremely low-income families and singles who have been homeless or at risk of homelessness due to fire, natural disaster or other life crises.

They will continue to develop grant opportunities through partnerships with local governments, community organizations, private foundations and others interested in improving affordable housing options available to lower income people across our region. Idaho Housing and Finance, They believe no one should be turned away for lack of resources needed toward rent or mortgage payments because an emergency strikes such as job loss, medical bills or even an unexpected appliance repair.

Idaho Housing and Finance helps them hang on until things improve or alternative assistance can come into play from one of these public or private sources. In fiscal year 2011 IHA assisted 461 people who were homeless or at risk of being homeless.

What does Idaho Housing & Finance do?

Idaho Housing and Finance Association  was created in 1984 by members of Idaho’s private housing industry to provide non-profit expertise and solutions for homeownership. Today, IHFA has grown into a public charity that provides education, financing, building products, innovative programs, research and advocacy. Idaho Housing and Finance remains dedicated to increasing affordable housing options for Idahoans through advocacy, education programs, products and services.

Through its direct outreach staff, Idaho Housing and Finance offers free counseling on mortgage loans at all of its storefront locations. This free service can be helpful to people who are not yet ready to apply for a loan but want some insight into where they stand financially. Other information about mortgage applications and options is also offered here.

Many areas in Idaho are experiencing housing shortages because prices have risen faster than incomes. Rents have increased since 2008 but wages still lag behind those increases. For first time buyers, there may be even fewer opportunities because of rising costs and other financial hurdles associated with college student loans or credit card debt.

That’s why many landlords welcome federal rental assistance vouchers issued by agencies like Section 8 or Moderate Rehabilitation Program. Participants simply pay 30 percent of their income toward rent along with any utilities paid directly by landlords rather than tenants.

About Idaho Housing and Finance

Idaho Housing and Finance has been serving Idahoans since 1939 by providing affordable housing through lending, homeownership education, foreclosure prevention services, rental assistance, and rehabilitation financing, funding programs to develop affordable housing projects in rural areas of Idaho. Idaho Housing and Finance also offers financial literacy training for homeowners on topics such as how to create an emergency fund or manage credit cards. More recently IHFA has expanded its mission to include helping first-time homebuyers navigate their way through today’s complicated market.

Through its Community Development Lending program, which provides loans up to $400,000, IHFA helps Idahoans buy houses they can afford within their community. To help residents with debt consolidation, Idaho Housing and Finance established a volunteer Homeowners Club that matches troubled borrowers with experienced counselors who work together to create personalized plans to reduce monthly payments while increasing equity.

The club operates at no cost to borrowers thanks to donations from local businesses and government agencies. Although these unique programs have made it possible for many low-income families to own homes, there are still many more families who struggle with high rent prices or mortgages that threaten their economic stability.

Due in part because of high rents along Boise’s growing urban corridor the costliest region in  Business and finance Fifty two percent of Boise renters spend more than 30 percent of income on rent alone. An additional 20 percent of Boise renters spend more than 50 percent of their income on rent. In order to combat rising rental costs, partnered with First Light Farm and moved its office onto the property; now called Cooperative Farm worker Housing, it offers new possibilities for tenants living in substandard conditions by encouraging them to partner with city officials, social service organizations and law enforcement officials.

This cooperative structure means building owners must abide by certain rules including criminal background checks for tenants, behavioral contracts for pet owners and quiet time policies enforced during certain hours so neighbors can sleep peacefully.

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