The Association finds itself shifting from a period of transition and expansion to one of reorganization and creative initiatives.

"For security reasons, IHFA’s Mortgage Revenue Bonds have always been backed by the State Sales Tax Account,,"" states Gerald Hunter, IHFA president and executive director. "New legislation in 1996 ended the backing and any future liability to Idaho Taxpayers. IHFA has never needed to draw on the sales tax account for any purpose, and we believe that our strong bond performance and financial strength allowed us to eliminate it."

On that same day, Governor Phil Batt and IHFA’s Board of Commissioners included legislation that changed the uniquely created not-for-profit’s name to the Idaho Housing and Finance Association, or IHFA. The new name more accurately reflects the leadership role the Association has in the affordable housing and finance industry. Governor Batt also helped IHFA end the year by commemorating our 30,000^th home loan with a tree-planting ceremony at the home of Emery and Marcia Smith of Nampa.

By 1997, IHFA is rated as one of the nation’s top housing finance agencies as well as a leader in securing housing assistance grants. The Association celebrates 25 years of serving Idaho’s housing needs and hosts the second Idaho Governor’s Conference on Housing, which enjoys a record attendance. The conference theme—"Pathways, Partners, Solutions"—reflects the cooperation and common direction required to create effective housing opportunities for all Idahoans. Also this year, IHFA started managing investments in-house for its Bond Rating Compliance and Loan Guarantee Fund—a dedicated and restricted reserve fund used as primary security for IHFA’s general obligation rating.

The Association launches it’s first Web site in 1998 (www.ihfa.org)—a relatively new marketing tool—and begins work on Governor Batt’s 1997 Affordable Housing Advisory Task Force recommendations. The Association headed up the Task Force effort and implements four of the 17 within three months. A new residential lending record—3,204 affordable home loans—is set through the Single-Family Residential Lending Program.

In 1999, the Finally Home!® home buyer education program is introduced statewide to assist and educate potential first-time home buyers. Over the next three years the Finally Home!® program graduates more than 6,000 potential home buyers. The Association also garnered support from all four Idaho congressional delegates to co-sponsor a bill to increase capacity for federal housing bond and Housing Tax Credit authority—both key resources in providing affordable housing and key housing initiatives.

IHFA borrowers can now pay their mortgages online in 2000 and lenders have a new secured site—Lender Connection—that offers loan reservations and purchase statement retrieval services. IHFA achieved two milestones this year with a record $280 million in Mortgage Revenue Bonds sold and over 21,000 mortgage loans serviced. Our highly successful Family Self-Sufficiency Program graduated a record 25 participants—with 19 of them becoming home owners. The Association also hosted a three-day statewide housing conference with record attendance and an impressive list of keynote speakers.

In the spring of 2001, sales price limits for IHFA’s Residential Lending Program are increased from $110,000 to $135,000 for newly constructed homes—which increases to $142,000 a year later. IHFA also puts together the first Regional Profile Report and State of Idaho Housing Needs publications, which summarize the Association’s efforts in each of our six regions. The Accessibility Improvement Program assisted 28 applicants this year with nearly $100,000 for modifications to their homes.

Now in 2002, the rush of milestones and achievements continue. IHFA announces a record 5.25 percent interest rate and honors the 2,500^th Hispanic borrower (see story and photo, p. 8). We passed the milestone of our 45,000^th borrower, serviced a record 23,000 home loans and designed and sponsored six regional Fair Housing Training workshops for over 500 property management and real estate lending professionals.

"We are so proud of our achievements these past 30 years and know that none of the past accomplishments would have been possible without a dedicated staff and committed Board of Commissioners," remarks Hunter. "The Association has never been stronger, and I trust our future opportunities will be found in building stronger communities, families and individuals."