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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
|||| 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