FOR IMMEDIATE RELEASE

Release Date: February 17, 2004

Contact:

Steve Rector
Public Affairs Director
208-331-4725
Reed Hollinshead
Media & Public Relations Officer
208-331-4858

IHFA Brings $296.7 Million Impact to State in 2003; $34.6 Million to Eastern Idaho

BOISE - Idaho residents benefited from nearly $296.7 million in economic impact and investment by the Idaho Housing and Finance Association in 2003, including $34.6 million in Eastern Idaho.

IHFA's outreach and investment of $296,674,957 includes home loans, rental housing, rental assistance, grant programs and information services across Idaho. The total statewide and for Eastern Idaho includes:

State of Idaho Eastern Idaho
Mortgage Loan Investment $138,201,222 $13,277,951
(1,566 loans issued to Idaho families, averaging $88,000 each)
 
Idaho Personal Income $95,114,049 $12,457,302
(Derived from Mortgage Loan and Rental Assistance activities)
 
Housing Tax Credits Allocated $23,295,689 $1,050,000
(10-year equity value on Tax Credits for multifamily housing developers)
 
Grant Program Funds $7,361,664 $1,019,914
(Includes Emergency Shelter Grants, Supportive Housing, HOME, Shelter Plus Care and Housing Opportunities for Persons with AIDS/HIV programs)
 
Rental Assistance $32,702,333 $6,746,655*
(7,729 families assisted through Section 8 project-based subsidy and voucher program)
*   includes voucher program activities in Eastern Idaho

Aided by historically low interest rates-including the lowest in the association's history-1,566 Idaho families bought a home with an IHFA loan in 2003. In total, IHFA invested more than $138.2 million in the state through mortgage loan activity last year. Since 1978, IHFA has invested more than $3 billion for nearly 50,000 home loans for Idahoans.

Outreach and investment for Idaho in 2003 also includes 553 new rental units statewide. The Finally Home!® home buyer education program graduated 2,559 people statewide last year, bringing its five-year total to nearly 9,500 graduates. The program offers free classes in every large population center in the state through eight Regional Training Partners, including courses offered in Spanish.

Outreach and investment activities for the entire state are summarized in IHFA's Regional Profile Report. The 2003 Regional Profile Report provides an overview of IHFA's involvement in housing issues around Idaho and offers a summary of the association's program offerings. To request a copy, contact the Public Affairs Department at (208) 331-4884, e-mail about@ihfa.org or download the report at www.ihfa.org/about_regprofile.asp.

Coeur d 'Alene Branch
Phone (208) 667-3380
Toll-free 1-866-621-2994
Idaho Falls Branch
Phone (208) 522-6002
Toll-free 1-866-684-3756
 
Lewiston Branch
Phone (208)743-0251
Toll-free 1-866-566-1727
Twin Falls Branch
Phone (208)734-8531
Toll-free 1-866-234-3435

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The Idaho Housing and Finance Association, a financial services and housing organization, provides funding for affordable housing in Idaho communities where they are most needed and when it is economically feasible. IHFA uses no state funds or state employees to support its operations. For more information, visit our Web site at www.ihfa.org.