Governor Honors Nampa Family as IHFA's 30,000th Borrower

NAMPA ­ Nampa residents Emery and Marcia Smith and their four children were honored by Governor Philip Batt as the Idaho Housing and Finance Association's (IHFA) 30,000th borrower at a press conference in December 1996.

According to Governor Batt, the Smith's represent an important milestone for the Association as the 30,000th family to benefit from IHFA's below-market rate mortgage loan program. IHFA donated a tree for the family. The tree planting ceremony commemorating the milestone included Governor Batt, IHFA Executive Director Rod Beck and Assistant Vice President of Chase Manhattan Mortgage Corporation Mike McLean.

"We are proud to be able to make a difference in the lives of thousands of first-time home buyers, who may not have been able to afford home ownership without our program," said IHFA Executive Director Rod Beck. "We applaud the Smith's on their success in achieving the American dream."

IHFA has begun its 25th year of helping Idaho residents finance affordable housing. During fiscal year 1996, the Association helped 2,467 families statewide purchase their own home through its Single-Family Mortgage Loan Program. This represents $186 million in mortgage financing at interest rates ranging from 6.03 percent to 7.36 percent. With interest rates averaging a full percent below market, IHFA borrowers can save approximately $600 per year, or $18,000 over the life of a typical 30-year mortgage.

During the past year, the typical IHFA borrower was 31 years old, had 2.8 family members and an average annual income of $28,861.

IHFA mortgage loans are available on a first-come, first-served basis to low- and moderate-income Idahoans on homes costing up to $102,000 (sales price limits vary by county). Income limits for the program also vary by county.

Those interested in an IHFA loan should contact their local lender, RealtorŪ, or IHFA's Boise office at (208) 331-4883. Hearing impaired persons may call 1-800-545-1833, Ext. 400. Prospective home buyers may also call IHFA's toll free number throughout Idaho at 1-800-219 2285.

IHFA is a independent public body, corporate and politic, providing funding for affordable housing opportunities in Idaho communities where they are most needed. IHFA must generate all revenue necessary to cover its operation costs. It does this by earning fees for work performed and uses no state funds or state employees. IHFA's main office is located at 565 West Myrtle in Boise, Idaho, with five branch offices throughout the state in Twin Falls, Blackfoot, Idaho Falls, Lewiston and Coeur d'Alene.