IHA Ranks First in Mortgage Loan Volume Per Capita Nationally

BOISE - The Idaho Housing Agency (IHA) has financed more low-interest mortgages per capita for Idaho residents than any other state, according to analysts from Goldman Sachs, a national bond underwriter. Since 1988, IHA continues to lead other states in mortgages made per capita.

IHA pumped $385 million into Idaho's economy over the last two years to assist 4,931 first-time home buyers with the purchase of a home. According to Goldman Sachs analysts, IHA invested approximately 17 percent more per capita than its counterparts in other states, investing $307.10 per Idahoan.

South Dakota was second, investing $261.21 per person. Other states comprising Goldman Sachs top 10 list include Rhode Island, Alaska, Wyoming, Utah, North Dakota, Nebraska, Minnesota and Nevada.

"IHA has consistently ranked number one in the country on a per capita basis for making Mortgage Revenue Bond funded loans," said Gerald Hunter, IHA chief operating officer. "IHA maintains this leadership position for several reasons. First, we have built an outstanding reputation in the national capital markets which translates into consistently lower interest rates to Idaho's first time home loan borrowers. Secondly, our program is demand driven and we work to ensure that a continuous supply of lending money is available maintaining the momentum of Realtors and Lenders using IHA products."

"From our perspective, IHA is a very well-run agency that operates like a lean, efficient corporation, not a government entity," according to a Vice President for Goldman Sachs. "Based on their size, Idaho helps more of their population afford home ownership than any other state."

In 1978, IHA began issuing tax-exempt Mortgage Revenue Bonds (MRBs). The bonds are sold to investors in Idaho and nationally to make below-market interest rate mortgages available to qualifying home buyers. To date, IHA has issued $1.7 billion in MRBs and has $840 million outstanding. IHA bonds do not represent a debt of the state of Idaho.

The Idaho Housing Agency is a uniquely created nonprofit, self-supporting corporate body. IHA's mission is to provide financing for affordable housing to Idaho's lower-income citizens. IHA's Mortgage Revenue Bonds are not obligations of the state of Idaho and are not repaid with state tax dollars. IHA uses no state funds or state employees to support its operations.