BOISE - The Idaho Housing and Finance Association made history recently by selling and investing all the proceeds in its 100th consecutive bond issue, dating back to 1988. No housing bond issuer in the country has ever recorded 100 straight bond issues without experiencing an "unexpended proceeds" call.

During the 100 straight issues, IHFA sold and invested more than $2.85 billion in housing bond proceeds to benefit Idaho's citizens.

The 2003 Series C bond issue, the history making issue just completed, earmarked $22 million for limited-income and first-time home buyers. IHFA uses the proceeds from these bond sales to finance mortgages for home owners.

An unexpended proceeds call occurs when a bond issuer cannot successfully commit the money borrowed on the bond sale and has to redeem bonds early, using proceeds of the bond sale. This happens mainly due to changing interest rates and demand for the mortgage dollar.

"Primarily, we have not had an unexpended proceeds call in more than 15 years due to the strength and consistency of our mortgage-origination process and investors appreciate having the professional management expertise utilized in the bond issuance process," explained IHFA's Chief Financial Officer and Vice President, Administration John Sager. "We also have relatively small, frequent issues, allowing us to adjust to market conditions and trends to better serve investors."