Investor Disclosure Information Now Available on IHFA Web Site

BOISE - In a precedent-making move, the Idaho Housing and Finance Association now offers all investor disclosure information on its Web site (www.ihfa.org), IHFA officials announced today.

Bond issue prepayment information is now posted on the site quarterly, usually within two weeks of completing the figures. Future investment opportunities and bond disclosure information are also available on the site. Investors who have accessed the information online have found the process to be user-friendly and a time saver.

"From an investor disclosure standpoint, IHFA’s Web site is probably the most comprehensive and best organized of all the HFAs," remarks Fitch IBCA’s Vince Barberio. "The information is accessible and easy to use. I’m very pleased with the new venue."

"IHFA’s bond disclosure is extremely beneficial for investors. It helps them make informed decisions about bond risks," adds Erik Bresnahan of Moody’s Investor Services. "Investors rely on us to assess the credit risk associated with IHFA bond programs. But the mortgage interest, bond interest and historical prepayment rate information assists them in assessing their likelihood of future prepayments or the prepayment risk."

The rate at which mortgage holders pay off their mortgages prior to their due dates has a dramatic effect on the yields that bondholders receive on the bonds issued to fund those mortgages. "Investors appreciate having historical prepayment information to make estimates of what future prepayments are likely to be," says John Sager, IHFA’s vice president-treasurer. "The information we provide makes simple work of estimating future prepayments."

The Idaho Housing and Finance Association is subject to the terms and requirements of Rule 15c 2-12 (b)(5), adopted by the Securities and Exchange Commission under the Securities Exchange Act of 1934. This rule mandates that the Association provide annual disclosure reports to Nationally Recognized Municipal Securities Information Repositories (NRMSIR). Disclosure reports must include audited financial statements as well as detailed information concerning each

of IHFA’s outstanding bond issues. IHFA provides updated disclosure information to each NRMSIR on a quarterly basis.

"I get calls from investors who can’t believe all the information we have out there," continues Sager. "It’s rare for a housing finance authority to have everything laid out the way we do, in such an efficient manner. Our disclosure efforts go well beyond minimum requirements recommended by the National Council of State Housing Agencies."

IHFA began selling housing bonds on the national market in 1978 to make low-interest mortgage loans available to Idahoans. The money generated by bond sales provides low-interest mortgage loans for thousands of Idahoans each year—most are first-time buyers. IHFA’s bond programs allow the Association to fill a niche helping home buyers purchase their first home and by helping sponsors of multifamily developments create more affordable rental housing statewide.