SUPPLEMENT DATED AUGUST 5, 2008
to
OFFICIAL STATEMENT DATED JULY 18, 2008
$60,000,000
IDAHO HOUSING AND FINANCE ASSOCIATION
SINGLE FAMILY MORTGAGE BONDS, 2008 SERIES C
The Official Statement dated July 18, 2008 is hereby supplemented to conform to federal housing
legislation enacted on July 30, 2008.
The first paragraph on the cover of the Official Statement shall be amended to read “In the opinion
of Bond Counsel, based on an analysis of existing laws, regulations, rulings and court decisions and
assuming, among other matters, the accuracy of certain representations and compliance with certain
covenants, interest on the 2008 Series C Bonds is excluded from gross income for federal income tax
purposes and interest on the 2008 Series C Bonds is exempt from State of Idaho personal income taxes. In
the further opinion of Bond Counsel, interest on the 2008 Series C Bonds is not a specific preference item
for purposes of the federal individual or corporate alternative minimum taxes, nor is such interest included
in adjusted current earnings when calculating corporate alternative minimum taxable income. Bond
Counsel expresses no opinion regarding any other tax consequences relating to ownership or disposition of,
or the accrual or receipt of interest on, the 2008 Series C Bonds. See ‘LEGALITY AND TAX STATUS’
herein.”
On page 80 of the Official Statement under the caption “LEGALITY AND TAX STATUS” the last
paragraph on the page shall be amended to read “In the opinion of Bond Counsel to the Issuer, based on an
analysis of existing laws, regulations, rulings and court decisions, and assuming, among other matters, the
accuracy of certain representations and compliance with certain covenants, interest on the 2008 Series C
Bonds is excluded from gross income for federal income tax purposes under Section 103 of the Internal
Revenue Code of 1986 and interest on the 2008 Series C Bonds is exempt from State of Idaho personal
income taxes. Bond Counsel is of the further opinion that interest on the 2008 Series C Bonds is not a
specific preference item for purposes of the federal individual or corporate alternative minimum taxes, nor is
such interest included in adjusted current earnings when calculating corporate alternative minimum taxable
income. Bond Counsel expresses no opinion regarding other tax consequences relating to ownership or
disposition of, or the accrual or receipt of interest on, the 2008 Series C Bonds. Bond Counsel expresses no
opinion with respect to the tax status of interest on 2008 Series C Class I Bonds during any period that such
Bonds constitute Bank Bonds as set forth in the Indenture.”
On page B-1 of “APPENDIX B - PROPOSED FORM OF OPINION OF BOND COUNSEL”
paragraph number 4 shall be amended to read “Interest on the Series C Bonds is excluded from gross
income for federal income tax purposes under Section 103 of the Internal Revenue Code of 1986 and
interest on the 2008 Series C Bonds is exempt from State of Idaho personal income taxes. Interest on the
2008 Series C Bonds is not a specific preference item for purposes of the federal individual or corporate
alternative minimum taxes, nor is such interest included in adjusted current earnings when calculating
corporate alternative minimum taxable income. We express no opinion with respect to the tax status of
interest on 2008 Series C Class I Bonds during any period that such Bonds constitute Bank Bonds as set
forth in the Indenture and we express no opinion regarding other tax consequences related to the ownership
or disposition of, or the accrual or receipt of interest on, the 2008 Series C Bonds.”