IRS Revenue Procedure 2021-45 sets out the calendar year 2022 Low-Income Housing Tax Credit and Bond Volume Caps.

The CDFA Annual Volume Cap Report provides an overview of volume cap trends and how private activity bonds (PABs) were used from state to state. The 2019-2020 Annual Volume Cap Report is the most comprehensive analysis of PAB volume cap trends and...

For 50 years, the nation’s state housing finance agencies (HFAs) and their partners have convened at the annual conference of the National Council of State Housing Agencies (NCSHA). In 2021, NCSHA marks a half-century of state HFA collaboration,...

Novogradac conducted an analysis of the private activity bond (PAB) financed by test for low-income housing tax credits (LIHTCs). The analysis determined that lowering the financed by test for PAB test from the current law threshold of 50 percent to...

This report from the California Debt Limit Allocation Committee (CDLAC) analyzes the allocation of the state’s annual debt ceiling in 2020 and allocation of private activity bonds. Until recently, the state's debt ceiling wasn’t reached. In 2020,...

This report evaluates Kansas' STAR bonds financing program’s economic and fiscal impact by answering two questions: 1) Do current STAR bond attractions satisfy the Department of Commerce’s tourism-related goals; and 2) How long will it take the...

IRS Revenue Procedure 2020-45 sets out the calendar year 2021 Low-Income Housing Tax Credit and Bond Volume Caps.

The Washington State Department of Commerce authors this biennial report on its Bond Cap Allocation Program for the state's legislature. This is the report for 2020.

The Kansas Legislative Division of Post Audit examined how Kansas and other states used private activity bonds in calendar years 2016 through 2018. In this audit, they used data from CDFA and other states to determine how states used private...

IRS Revenue Procedure 2019-44 sets out the calendar year 2020 Low-Income Housing Tax Credit amounts, Bond Volume Cap, loan limits on agricultural bonds, arbitrage rebate rules, and other important amounts.

Another affordable rental housing funding crisis is brewing–a crisis in the supply of private activity bonds (PABs). PABs are a big part of the answer to the affordable rental housing crisis, but are subject to the annual state volume cap, in...

In 2018, the 50 states and the District of Columbia received $37.1 billion in new volume cap allocation, an increase of nearly $1.8 billion from 2017. Total private activity bond issuance slightly decreased from $24.86 billion in 2017 to $24.14...

The annual CDFA Volume Cap report is an essential outline of national private activity bond issuance trends and is used by issuers, researchers, trade groups, and political offices to understand the private activity bond landscape. During this...

The Internal Revenue Service (IRS) on May 22, 2019, issued much awaited guidance in Notice 2019-39. This Notice allows for refinancings or refundings by Native American tribal governments of Tribal Economic Development bonds and loans (TEDs) without...

This IRS Publication 4078, Tax-Exempt Private Activity Bonds, provides a revised overview of the general federal tax law rules that apply to qualified private activity bonds.

The Washington State Department of Commerce authors this biennial report on its Bond Cap Allocation Program for the state's legislature. This is the report for 2018.

IRS Revenue Procedure 2018-57 set the volume cap on Private Activity Bonds for calendar year 2019, Loan Limits on Agricultural Bonds, and amounts used to calculate the low-income housing tax credit (LIHTC) for the calendar year 2019.

In 2017, the 50 states and the District of Columbia received $35.3 billion in new volume cap allocation, an increase of $205.3 million from 2016. Even though total volume cap capacity was lower in 2017, total private activity bond issuance increased...

The IRS Publication 5005 provides an overview for state and local governments of the responsibilities of the conduit issuer with respect to the tax compliance in municipal financing arrangements commonly known as conduit financings.

An Introduction to Private Activity Bonds from the Congressional Research Service.

In 2016, the 50 states and the District of Columbia received $35.14 billion in new volume cap allocation, an increase of $263 million from 2015. Total private activity bond issuance in 2016 increased from 2015, climbing from $12.98 billion to $20.38...

The 2017 CDFA Michigan Financing Roundtable Webinar discusses the latest and greatest in Development Finance across the state. The webinar includes two sessions: Development Finance Current Events Review and The Michigan Bond Market. Experts, Craig...

New volume cap allocation in 2015 totaled nearly $34.88 billion for the 50 states and District of Columbia, an increase of one percent over the previous year. Combined with more than $58.48 in existing carryforward allocation, the total accessible...

The State of Washington released its allocation of private activity bond volume cap for 2016.

This Notice under § 54C(a) of the Internal Revenue Code provides related guidance on the following: (1) application requirements for requests for volume cap allocations; and (2) the method that the Department of the Treasury and the IRS will use to...

Teveia Barnes from IBank gives a brief overview of IBank's various financial programs.

Victor Napolitano, Senior VP at Alliance Bank of Arizona, discusses methods for Tax-Exempt Financing for Manufacturers.

In 2014, the 50 states and the District of Columbia received more than $34.5 billion in new volume cap allocation, an increase of 5.5 percent from 2013. This was in addition to more than $59.1 billion in existing carryforward allocation, making the...

The Council of Bond Oversight for the State of Oklahoma provides a report detailing the state's bond usage for FY 2014.

The goal of National Association of Counties' analysis is to provide a county perspective on the municipal bond market and to estimate the impact of possible changes to the tax-exempt status of municipal bond interest on counties.

This paper from the Center for American Progress concludes that P3s are a useful alternative form of procurement, allowing project sponsors to balance multiple goals against various delivery methods. They are not, however, an affordable method for...

These Guidelines are provided by the Governor’s Office to assist issuers in understanding how the Volume Cap allocation formula will be administered for 2015.

The State of Washington used more than $1 billion of carryforward from Bond Cap Allocation for previous years that had gone unused because of continuing recessionary impacts. The carryforward was entirely for housing projects, as activity remained...

Strafford's shows special districts can provide a win-win-win situation for the local jurisdiction, the developer, and the ultimate owners of the benefited properties. Lending institutions, which advance credit to borrowers on properties located in...

Vermont's Private Activity Bond Advisory Committee provides recommendations the Emergency Board on the allocation of Vermont's private activity bond ceiling for 2015 and to the Governor regarding reallocations of 2014 bond ceiling.

John Haines, Mercy Corps Northwest; Carol McCoog, Hawkins Delafield & Wood LLP; Michael E. Schrader, Orrick, Herrington & Sutcliffe LP; and Geoff Urbina, KeyBanc Capital Markets discussed the outlook for bonds in the Oregon and consider creative...

John Haines, Mercy Corps Northwest; Carol McCoog, Hawkins Delafield & Wood LLP; Michael E. Schrader, Orrick, Herrington & Sutcliffe LP; and Geoff Urbina, KeyBanc Capital Markets discussed the outlook for bonds in the Oregon and consider creative...

Wisconsin Health & Educational Facilities Authority (WHEFA) highlights their 35th year, serving as conduit issuer in 24 financings totaling more than $794.6M. Bond financing benefitted 22 different borrowers in 17 counties, comprised of multi-site...

Sam Balisy with Kutak Rock LLP gives a brief overview of bonds. More specifically, topics include market activity, case studies, and general requirements for tax-exempt bonds.

In 2014, the IRS released this report on information for tax-exempt and direct payment bonds issued in 2011. The first section provides an overview of the market by State. The next section discusses direct payment bond programs and presents data for...

Information on tax-exempt bonds and differences with taxable bonds is detailed by Dan Bronfman of Growth Capital Associates, Inc.

Ben Barker of the California Municipal Finance Authority describes the many rules governing the issuance of tax-exempt bonds including the private business use test, use of proceeds, TEFRA hearings, compliance issues, and more.

The year 2013 marked the third straight year of decline for total issuance, from a recent high point of more than $14.5 billion in 2010 to a low point of $8.8 billion in 2013. The 50 states and the District of Columbia received $32.7 billion in new...

In 2012, the 50 states and the District of Columbia received $30.87 billion in new volume cap allocation, a decrease of nearly $400 million compared to 2011. Total private activity bond issuance slightly decreased from $12.76 billion in 2011 to...

Louisiana State Bond Commission Application for Private Activity Volume Cap

The Arizona Department of Commerce created this document to help businesses understand the advantages and process of accessing tax-exempt financing and applying for volume cap.

In this report, the State of Colorado details the distribution and use of the Private Activity Bond allocations in 2013.

Sadicka White along with head officials with Ohio Development Services Agency (ODSA) provide substantial insight on the various financing programs offered by ODSA including local government financing programs, energy loan funds, the state historic...

Chad Smith with Ohio Development Services Agency discusses the State's energy policy, goals and resources. Smith shares detailed information about the Energy Loan Fund and provides a couple case studies that have successfully made use of the program.

Urban Manufacturing Alliance takes an in-depth look at the Industrial Revenue Bond Program and makes a number of key findings and recommendations. This brief also examines other popular tools being paired with IRBs, state volume cap, and urban...