IHFA Closes Out Decade with $1.7 Billion Home Ownership Investment

BOISE - A landmark 29,713 Idaho families and individuals became home owners during the ’90s through the Idaho Housing and Finance Association’s Residential Mortgage Loan program, IHFA officials announced today. This represents a 10-year investment of $1.7 billion in Idaho home ownership, and a record $249 million in 1999 alone.

"The demand for home ownership is greater than ever for Idaho families," reports Gerald Hunter, IHFA president and executive director. "This record amount invested in home ownership—the most in our history—is due largely to the great efforts of our participating lenders and Realtors®."

About eight percent of IHFA borrowers in the ’90s were minorities. Last year, 328 of IHFA’s 3,164 home buyers were minorities, representing 10 percent of the total loans.

"These figures closely parallel the number of minority citizens in Idaho," continues Hunter. "indicating that, overall, most minorities are becoming home owners with IHFA loans. We’re proud of that."

IHFA home loans are made in partnership with a network of participating lenders and Realtors® statewide to ensure that all who qualify and need help in achieving home ownership are able to do so. "We applaud the success of IHFA’s loan programs and their outreach efforts to minority groups," said Mark Dunham, executive director of the Idaho Association of Realtors®. "Together, our commitment to affordable housing for Idaho families is reflected in these impressive figures."

To date, IHFA has helped over 40,000 families into home ownership since the program began in 1978. IHFA borrowers are generally first-time home buyers. They are about 32 years

old with young families, and tend to work in industries such as education, clerical/secretarial, law enforcement or medical services. Their average annual income is approximately $27,560.
Because low-to-moderate income borrowers receive IHFA’s below-market interest rate, they are able to afford more home than they could otherwise. For example, a qualified borrower can purchase an existing home in Ada County for $94,000, $82,000 in non-targeted counties, or $100,000 in targeted counties.* Or, the borrower could build a new home for up to $110,000 statewide.

All of IHFA’s Residential Mortgage Loan program materials are offered in English and Spanish. For more information about IHFA’s Residential Mortgage Loan program, participating lenders, or to request a brochure, call 208-331-4883 or visit www.ihfa.org.

*Criteria for qualifications as a Targeted County have been established by the U.S. Treasury based primarily on economic conditions and housing stock within that county.

NOTE TO EDITORS: A detailed breakdown of IHFA’s lending activities in each county, including average sales prices and mortgage amounts, is attached to this release.