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H0614...........................................................by BUSINESS
IDAHO HOUSING AND FINANCE ASSOCIATION - Adds to existing law to specify
limits for purchase by the Idaho Housing and Finance Association of loans
which were made to borrowers to finance single-family residences.
02/18 House intro - 1st rdg - to printing
02/21 Rpt prt - to Bus
H0614
|||| LEGISLATURE OF THE STATE OF IDAHO ||||
Fifty-fifth Legislature Second Regular Session - 2000
IN THE HOUSE OF REPRESENTATIVES
HOUSE BILL NO. 614
BY BUSINESS COMMITTEE
1 AN ACT
2 RELATING TO THE IDAHO HOUSING AND FINANCE ASSOCIATION; AMENDING CHAPTER 62,
3 TITLE 67, IDAHO CODE, BY THE ADDITION OF A NEW SECTION 67-6216A, IDAHO
4 CODE, TO SPECIFY LIMITS FOR PURCHASE BY THE ASSOCIATION OF LOANS WHICH
5 WERE MADE TO BORROWERS TO FINANCE SINGLE-FAMILY RESIDENCES.
6 Be It Enacted by the Legislature of the State of Idaho:
7 SECTION 1. That Chapter 62, Title 67, Idaho Code, be, and the same is
8 hereby amended by the addition thereto of a NEW SECTION, to be known and des-
9 ignated as Section 67-6216A, Idaho Code, and to read as follows:
10 67-6216A. PURCHASE OF LOANS FOR SINGLE-FAMILY RESIDENCES. In conjunction
11 with the limitations and definitions provided in applicable federal code and
12 regulations, the association shall not purchase loans which were obtained to
13 finance the purchase of a single-family residence unless the loans were made
14 to borrowers:
15 (1) Who are residents of the state of Idaho and who occupy the financed
16 property as the principal place of residence; and
17 (2) Who have had no ownership interest in their principal residences at
18 any time during the three (3) year period ending on the date their mortgage is
19 executed; and
20 (3) Whose total annual gross family income does not exceed:
21 (a) Eighty percent (80%) of the area median income for households of one
22 (1) or two (2) individuals.
23 (b) Ninety percent (90%) of the area median income for households of
24 three (3) or more individuals.
STATEMENT OF PURPOSE
RS 09978
The Idaho Housing and Finance Association issues tax-exempt bonds to provide
subsidized interest rates on home mortgages. The purpose of the lower interest rates is to
help low-income families buy a first home. Idaho Housing has adopted unusually high
family income qualifying factors that allow families of three persons or more with
earnings as high as $70,495 in Blaine County, $67,900 in Canyon County and $59,780 in
Kootenai County, for example, to obtain a low income subsidized loan. In many
counties the requirement that the home being purchased using Idaho housing loans must
be the family's first home has also been waived.
This legislation provides for a limitation on family income in order to qualify for
a low-income loan. The restriction on family income would be eighty percent (80%) of
the area median income for a family with one or two persons and ninety percent (90%) of
the area median income for a family of three or more persons. Some examples of the
resulting limitations are:
1-2 person 3 or more person
household household
Ada County $ 38,800 $ 43,650
Canyon County $ 38,800 $ 43,650
Bonneville County $ 37,840 $ 42,570
Kootenai County $ 34,160 $ 38,430
The income figures represented are the latest available and will increase as the area
median income increases. This legislation would also require that the home being
purchased using Idaho Housing loans must be the family's first home or that the person
has had no ownership interest for three years.
FISCAL IMPACT
None.
Contact: Rep. W.O. "Bill" Taylor
(208) 332-1139
STATEMENT OF PURPOSE/FISCAL NOTE H 614