2016 Community Report
Dear Reader, This past year has been an exciting one with remarkable accomplishments. We invested in the lives of tens of thousands of Idahoans, and contributed to strengthening Idaho’s economy through products and services that support homeownership, economic development, and homelessness prevention. Families were able to open the door to new homes; small businesses built new facilities and added employees; and the disadvantaged and homeless were able to find shelter, safety, and stability. Additionally, we introduced some programs that we believe will add to the success of our mission in the coming year. These key successes and new programs are highlighted in the following pages. We hope you find it encouraging for Idaho’s future. Thank you to our board for their leadership, our employees for their dedication, and our many partners throughout the state for their assistance. Without you, these accomplishments would not have been possible.
Gerald M. Hunter President and Executive Director Idaho Housing and Finance Association
Steven R. Keen Chairman Idaho Housing and Finance Association
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MISSION STATEMENT
Idaho Housing and Finance Association improves lives and strengthens Idaho communities by expanding housing opportunities, building self-sufficiency, and fostering economic development.
HOMEOWNERSHIP AND HOMEBUYER EDUCATION
Creating Homeownership Opportunities Look around your neighborhood and you’re likely to see a family who bought their home with financing from Idaho Housing and Finance Association (IHFA). For more than 40 years, IHFA has been helping communities across the state flourish by providing Idahoans with a range of housing services from down payment assistance, to home loans, loan servicing, homebuyer education, and housing counseling.
HOMEOWNERS
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$11,628,679
Average age
Invested in down payment assistance 2nd mortgage program loans1
2.6
$4,703
Average family size
Average size of down payment assistance loan1
$47,236
$1.1 billion
Average borrower income
Number of new loans financed: 7,813
Down payment assistance helps homebuyers overcome the biggest hurdle to homeownership.
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FINALLY HOME!® HOMEBUYER EDUCATION
6,477 Graduates
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HOUSING COUNSELING Foreclosure prevention: 1,918 Pre-purchase: 104 Post-purchase: 5 Rental housing/assistance: 86 Reverse mortgage: 180 Homelessness prevention: 38
2,331 Total Clients Served
LENDING ACTIVITY
Setting the Standard in Loan Servicing IHFA sets the standard in loan servicing. In fact, our high-touch servicing is so well-regarded in the industry that we are now the loan servicer for five other HFA (Housing Finance Agency) partners throughout the United States. In the past year, IHFA has serviced more than $1.1 billion in home loans in Idaho alone and worked with hundreds of lending partners across the state, enabling thousands of Idahoans to purchase new homes. Through our HFA partnerships, we are now servicing $6 billion in total loans. On top of this, it became apparent over the years that many small banks and credit unions were not participating in IHFA’s lending activities. IHFA saw this as an opportunity to create new partnerships to help these organizations expand their businesses and provide affordable home loans to their customers. As a result, IHFA now offers lending services like underwriting, closing assistance, and funding to these organizations, which helps them maintain close customer relationships. By working with these partners, IHFA increased its loan production by $55 million, and helped these new partners expand their financial services.
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HOME LOANS
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$1.1 billion $6 billion Number of new loans financed in Idaho: 7,813
Total number of new loans serviced: 54,881
PARTNERSHIPS THAT MAKE A DIFFERENCE IHFA’s new lending partnership model helped increase affordable homeownership to new heights throughout the state. The partnering entities IHFA works with assess the mortgage financing needs of their customers, collect lending documents, enter loan information into IHFA’s lending system, and interface with the borrower throughout the home loan process, while IHFA underwrites and closes the mortgage loan. In fact, Dan Sullivan, mortgage manager for CapEd Credit Union, noted, “The ability to offer loan products we can’t get elsewhere, with low down payments and better rates for lower credit scores, has expanded our options immensely. It’s a partnership our customers, as well as our team, has benefited from. Our lending team would revolt if we no longer offered IHFA home loans.”
“It’s a partnership our customers, as well as our team, has benefited from.” — Dan Sullivan Mortgage Manager, CapEd Credit Union
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RENTAL ASSISTANCE
Providing Affordable Rental Housing The housing needs of Idahoans are diverse. Rental housing provides tens of thousands of Idahoans with secure housing for the long term, or as a place to prepare for homeownership. IHFA helps low-income families, elderly, and disabled individuals obtain affordable rental housing through our Housing Choice Voucher program. Families on this program can also participate in the Family Self-Sufficiency (FSS) program1, which helps them gain economic independence through education and stable employment and new household budgeting and financial planning skills; helping them to possibly purchase a home of their own. IHFA also provides financing for single-family and multifamily rental housing throughout Idaho.
$16 million
$4.3 million
Housing Choice Voucher program Families assisted: 4,064
Tax credits through Rental Housing Low-Income Housing Tax Credit allocation: 346 units
$18 million
$43.2 million
Section 8 project-based rental assistance Families assisted: 3,309
Tax credit equity generated
253 Family Self-Sufficiency program1 participants Graduates: 33
Through the Family Self-Sufficiency program, families are able to become economically independent. 1
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$2.3 million Rental new construction: 17 units1
$350,000 Rental acquisition/rehab: 3 units1
The HOME program supplies low interest rate loans to help expand and preserve the supply of decent and affordable housing for low-income individuals and families.
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“With their help, I found stability.” — Nickolle Homeowner
15 PREPARING FOR THE FUTURE Nickolle found herself in need of affordable rental housing for her family and turned to IHFA’s rental assistance Housing Choice Voucher program. While in the program she also decided to enroll in IHFA’s Family Self-Sufficiency (FSS) program in hopes of getting ahead as she prepared for the new future she envisioned for her family. Nickolle worked diligently, and at the end of the five-year program, she had completed two professional certifications, secured a new job that she loves, learned how to manage a household budget, save, and so much more. Recently, Nickolle achieved her dream of homeownership when her family moved into their new home in Twin Falls with a substantial down payment she had saved. This included her FSS
escrow savings account along with a savings-match program called HOPES (Homeownership Promotes Economic Stability) through IHFA’s Home Partnership Foundation. “It was hard work and a little scary,” says Nickolle. “But IHFA gave me the power and opportunity to take control of my life and finances and with their help, I found stability.” Nickolle and her boys are in awe of their new home. “It’s so big,” said Nickolle. “We sit on the porch, looking out at the backyard, amazed by our new lives.”
ECONOMIC DEVELOPMENT AND SMALL BUSINESS LENDING
Spurring Economic Growth IHFA believes that small businesses are an important part of a stable community. Because of this, IHFA helps business owners obtain the loans they need to grow and expand their businesses in Idaho. Through the Collateral Support Program, IHFA works with local banks to offer small business owners a chance to thrive by helping them get the loans they need for start-up costs, working capital, business acquisitions and expansions, and more.
COLLATERAL SUPPORT PROGRAM
559 Jobs created or retained
IHFA also issues a variety of bonds and loans for economic development projects. IHFA’s expertise in bond financing spans more than 30 years. We are the issuer of approximately 70 percent of bonds in Idaho. IHFA bonds provide a significant advantage to organizations trying to raise capital as they offer low-cost financing to fund eligible projects. IHFA offers Manufacturing Equipment and Facility bonds, Nonprofit Facilities Revenue bonds, and Infrastructure bonds. Through these bonds, IHFA has facilitated the financing of a variety of projects without using state funds, helping these organizations and the taxpayers of Idaho save money.
$47 million Private loans generated
51 Businesses helped
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ECONOMIC DEVELOPMENT
$13.7 million Nonprofit Facilities Bonds/Loans
$10 million Manufacturing Bonds/Loans
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$172.5 million Transportation and GARVEE Refunding1
This refunding saved the Idaho Transportation Department $12.7 million in net present value debt.
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SMALL BUSINESS, BIG GROWTH The IdaPine Mills recently began operation in Meridian, Idaho. The project was financed with a $10 million tax-exempt, fixed-rate manufacturing bond from IHFA and Banner Bank. The new facility will increase production at the family-operated business by 45 percent straightaway, with a goal of 250 percent growth in coming years. Rodney Krogh, president of the IdaPine Mills, and the third generation to lead the operation used the financing to purchase a shuttered site on 17 acres of land, complete site improvements, and acquire production equipment and fixtures. “We were looking to expand and found a perfect opportunity in Meridian, which is close to our customer base and increases the efficiency of our production process,” said Krogh. “I called IHFA to investigate financing options and they were great, very helpful. They told me about similar deals they had done and right away I could see IHFA was the way to go.”
“Right away I could see IHFA was the way to go.” — Rodney Krogh President, IdaPine Mills
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HOMELESSNESS
Partnering to Help the Homeless Homelessness is a problem faced by many Idahoans. IHFA is helping to alleviate this issue by administering funding for various programs throughout the state that provide temporary and permanent housing, shelter, and other services to those who need it. With funding from the U.S. Department of Housing and Urban Development in addition to funding from IHFA and its nonprofit foundation, the Home Partnership Foundation, IHFA administers and develops programs to support communities for all aspects of homelessness. Through integration with community programs, IHFA works to identify and implement new ways to serve the homeless.
21 DONATIONS/GRANTS/ASSETS ADMINISTERED BY THE HOME PARTNERSHIP FOUNDATION
CONTINUUM OF CARE
$922,145
$3.6 million
Donations received
HUD funding administered by IHFA
$673,158 Grants awarded
$1.5 million Net assets
HOUSING FIRST IHFA is proud to be a partner in introducing Housing First, a unique project with the City of Boise, the Home Partnership Foundation, and others to end homelessness in Idaho. This program centers on supplying those in need with Housing First, then provides support to address their problems and keep them from chronic homelessness. The Boise single-site project will be the first project of such scale and significance ever created in Idaho.
AVENUES FOR HOPE
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Avenues for Hope, the Home Partnership Foundation’s annual online Housing Challenge campaign, completed its fifth year of annual fundraising and continues to grow. Last year the Foundation engaged local businesses, and 15 sponsored the effort to help support 35 nonprofit organizations throughout the state. Through campaign efforts, these organizations received funding to help communities meet their most pressing housing needs. Since its founding, Avenues for Hope has raised a total of $971,203 to help organizations serve the homeless statewide.
CONTINUUM OF CARE The Continuum of Care offers many services to families and individuals to minimize the trauma they go through while experiencing homelessness. Some of the services include Rapid Re-Housing, Emergency Shelter, Transitional Housing, Permanent Supportive Housing, prevention strategies, and collaboration with other systems of care. More than $3.6 million in funds were distributed to support these homelessness efforts in Idaho.
HOUSING FIRST BOISE PROJECT OVERVIEW
35–40 new housing units to be built in Boise $5.83 million in Low-Income Housing Tax Credits to fund project, IHFA
$1 million in capital for land acquisition, City of Boise $500,000 in HOME Funds, IHFA $250,000 cash for services, Ada County $100,000 cash for services plus in-kind services, Saint Alphonsus Health System
$100,000 cash for services plus in-kind services, St. Luke’s Health System
$25,000 cash for services, United Way of Treasure Valley $25,000 cash for services, Laura Moore Cunningham Foundation
“Partnering with IHFA...was a real game changer.” — Diana Lachiondo, Director of Community Partnership, City of Boise
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FIGHTING HOMELESSNESS TOGETHER Innovative partnerships are offering new hope for Boise’s homeless. IHFA, the City of Boise, the Home Partnership Foundation, and others have partnered to design a permanent supportive housing project to be operated using a Housing First model. This project champions a belief that the ailments and conditions that often precede homelessness are best remedied by first supporting vulnerable persons with a stable home. Diana Lachiondo, director of community partnership for the City of Boise, stated there is overwhelming evidence that Housing First provides the best practice model to alleviate the
homelessness issues we face as a city. “Partnering with IHFA, who committed $5.83 million in Low-Income Housing Tax Credits and $500,000 from HOME for the program, was a real game changer,” said Lachiondo. “It incentivized developers and other partners to come to the table.” Ensuring the provision of supportive services through motivational interviewing and progressive engagement in permanent supportive housing without preconditions or barriers to entry, maximizes housing stability and prevents returns to homelessness. From there, a substantial recovery can begin.
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Corporate Contributions
IHFA has contributed $2.1 million to organizations statewide in the past three years. Our financial contributions, volunteer efforts, and participation have helped these organizations in a variety of ways.
Activate Treasure Valley Ada County Sheriff’s Association Advocates Against Family Violence, Inc. Aid for Friends a.l.p.h.a. (Allies Linked for the Prevention of HIV and AIDS) Alternatives to Violence of the Palouse American Red Cross ARMA International - Boise Valley Chapter Asian Real Estate Association of America - Idaho Chapter Association of Idaho Cities Bannock Youth Foundation Bingham Crisis Center Blackfoot Chamber of Commerce Blaine County Housing Authority Boise Metro Chamber of Commerce Boise Regional REALTORS® Boise State University’s MBA Mentor Program Bonner County Homeless Task Force Building Contractors Association of Southwestern Idaho Building Owners and Management Association (BOMA Boise) Business Professionals of America - Idaho Chapter Caldwell Board of REALTORS® Caldwell Chamber of Commerce Canyon County Habitat for Humanity CATCH, Inc. CLUB Inc. Coeur d’Alene Chamber of Commerce
College of Western Idaho Community Development Council Corpus Christi House Crisis Center of Magic Valley, Inc. Dress for Success Eagle Chamber of Commerce Eastern Idaho Community Action Partnership Elmore County Board of REALTORS® Employers Health Coalition of Idaho Family Care Center, Inc. Family Promise of Lewis Clark Valley Family Promise of North Idaho Family Promise of the Palouse Family Services Alliance of Southeast Idaho Greater Blackfoot Association of REALTORS® Greater Idaho Falls Association of REALTORS® Greater Pocatello Association of REALTORS® Home Partnership Foundation Homeless Management Information System housingidaho.com Hope House, Inc. Idaho Affordable Housing Management Association Idaho Association of Commerce and Industry Idaho Association of Counties Idaho Association of Mortgage Professionals Idaho Association of REALTORS® Idaho Bike and Pedestrian Advisory Committee
Idaho Building Contractors Association Idaho Community Bankers Association Idaho Community Review Team Idaho Fair Housing Forum Idaho Falls Chamber of Commerce Idaho Falls Rescue Mission Idaho Hispanic Chamber of Commerce IDAHO, Inc. Idaho Main Street Partners Committee Idaho Mortgage Lenders Association Idaho Nonprofit Center Idaho Rural Partnerships Board Idaho State Bar Association Idaho Youth Ranch Interfaith Sanctuary Housing Services, Inc. International Rescue Committee Lemhi County Crisis Intervention Lewis Clark Valley Chamber of Commerce Lewiston-Clarkston Partners Habitat for Humanity Meridian Chamber of Commerce McCall Chamber of Commerce Mini-Cassia Chamber of Commerce Moscow Affordable Housing Trust, Inc. Nampa Association of REALTORS® Nampa Chamber of Commerce National Association of Home Builders National Association of Housing and Redevelopment Officials (NAHRO) - Idaho Chapter National Council of State Housing Agencies (NCSHA) NeighborWorks Boise NeighborWorks Pocatello Northwest ADA Center - Idaho Northwest Community Development Institute
Oneida Crisis Center Organization Assisting the Homeless Student Pacific Northwest Regional Council of NAHRO Philanthropy Northwest Pocatello Chamber of Commerce Ramp Up Idaho Sandpoint Chamber of Commerce Snake River Valley Building Contractors Association Sojourners’ Alliance South Central Community Action Partnership Southeastern Idaho Community Action Agency St. Vincent de Paul North Idaho Statewide Bike and Pedestrian Advisory Committee The Good Samaritan Home The Jesse Tree of Idaho The Salvation Army Lewiston The Salvation Army Treasure Valley Toys for Tots Foundation Twin Falls Chamber of Commerce University of Idaho Dept. of Art and Architecture/ Bioregional Planning & Community Design University of Idaho Dept. of Art and Architecture/ Urban Design Studio United Way Victory House Western Idaho Community Action Partnership Western Magic Valley REALTORS® Western Pension & Benefits Association Women’s and Children’s Alliance Women’s Council of REALTORS®
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Boise Headquarters P.O. Box 7899 (565 W. Myrtle Street) Boise, ID 83707-1899 208.331.4700 855.331.4715 TDD Hearing Impaired: 800.545.1833, Ext. 400
Coeur d’Alene Branch 915 W. Canfield Avenue Coeur d’Alene, ID 83815 208.762.5113 866.621.2994
Idaho Falls Branch 506 S. Woodruff Avenue Idaho Falls, ID 83401 208.522.6002 866.684.3756
Lewiston Branch 215 Tenth Street Suite 101 P.O. Box 342 Lewiston, ID 83501 208.743.0251 866.566.1727
Twin Falls Branch 844 Washington Street N., Suite 300 Twin Falls, ID 83301 208.734.8531 866.234.3435