Following passage of the One Big, Beautiful Bill Act, which lowered the bond-financing threshold for 4% Housing Credits from 50% to 25%, the Affordable Housing Tax Credit Coalition (AHTCC) has released recommended practices to guide state and local...

In 2021, the 50 states and the District of Columbia received $39.3 billion in new volume cap allocation. In 2022, the 50 states and the District of Columbia received $39.8 billion in new volume cap allocation, an increase of $422.9 million from the...

The Bond Finance Reference Guide provides readers with a thorough understanding of the different types of bonds, key players in a bond transaction, strategies and techniques in structuring, sizing, and closing bonds, the process of issuing bonds,...

This notice provides guidance for qualified student loan bonds to clarify certain requirements for tax-exempt bond financing for loan programs of general application approved by a State under § 144(b)(1)(B) (State Supplemental Loan programs). ...

The Council of Development Finance Agencies (CDFA) is pleased to announce that Senators Brown (D-OH) and Ernst (R-IA) have introduced the Modernizing Agricultural and Manufacturing Bonds Act (MAMBA) in the U.S. Senate as S. 2723. MAMBA would...

CDFA's Modernizing Agricultural and Manufacturing Bonds Act was introduced as H.R. 3787 in the U.S. House of Representatives with bipartisan support by Rep. LaHood (R-IL), Kildee (D-MI), Feenstra (R-IA), and Evans (D-PA).

The CDFA Disaster Recovery Bonds Policy Proposal outlines the CDFA national legislative proposal for a special, permanent category of Disaster Recovery Bonds.

The Infrastructure Investment and Jobs Act (the “Act”) adds two categories of tax-exempt bonds that may be issued for exempt facilities and increases the amount of tax-exempt bonds authorized to be issued for one existing category of tax-exempt...

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...

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...

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

During this installment of the CDFA-PFM Capital Markets Webinar Series, project finance experts and issuers discussed the viability of how private activity bond deals can fit into complex capital stacks.

This resource summary is for state, local, and K-12 energy professionals and non-finance experts seeking to understand how bonds can be used to pay for energy efficiency and renewable energy projects and initiatives. It outlines market trends in...

"Moving America and the Environment Forward" is a House Ways and Means Committee statement of principles on how the committee wants to approach an infrastructure bill. It includes $760 billion of proposals.

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 CDFA Conduit Bond Fee Study evaluates the landscape of current conduit bond fees in order to share best practices and common structures employed by conduit bond issuers across the country. The CDFA Conduit Bond Fee Study only looks at fees...

As the bond market changes, bond issuers must work diligently to keep their fee structures up to date. During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we looked beyond the fee structures and broke down the...

This Public-Private Partnership Procurement Guide (Guidebook) provides advanced guidance on procedures, issues, and considerations involved in public-private partnership (P3) procurement of surface transportation projects, with a focus on highway...

Researched and written by CDFA, this is the third white paper in a series examining the potential creation of a food systems asset class that supports the market growth of local and regional food systems. This paper focuses specifically on bond...

Beginning April 1, 2019, issuers of qualified private activity bonds will be governed by a new set of TEFRA regulations (the Final TEFRA Regulations). The Final TEFRA Regulations, which stem from the Treasury Department’s 2017 Proposed Regulations...

During this webinar, Daniel Kozloff with PFM, Jeffrey Pearsall with PFM, and Jay Bartlett with Citigroup Global Markets Inc. featured the pros and cons and the questions that remained twelve months into the new tax law.

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 NIJC produced this helpful executive summary of Tribal Economic Development Bonds for tribal leaders.

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.

Pat Ray explores how IDAs in AZ play a role in economic growth and what we can expect for overall trends in issuance and performance.

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...

This document explains the guidelines and practices that Stanford follows to remain in compliance with rules relating to tax-exempt bonds. Compliance is required both upon the issuance of the bonds and during the post-issuance phase which extends...

This month’s CDFA // BNY Mellon Development Finance Webcast Series on Capturing the Success of High Performing DFA's featured Tim Fisher of CDFA, Paul Toth of Toledo-Lucas County Port Authority, Gary Smith of Chester County Economic Development...

Catherine Courtney (Briggs and Morgan, P.A.) discusses how this bonds can be used today to provide a significant portion of a project’s capital stack with a special focus on bond financing programs in Minnesota. Of special focus are 501(c)(3) bonds.

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...

This document from the IRS teaches readers about Exempt Facility Bonds.

Jamie Licko (RiNo Art District), Andrew Feinstein (EXDO Events), and Chandler Romeo (Blue Silo Studios) discuss the RiNo Art District located just north of downtown Denver, now a thriving neighborhood full of remarkable arts and artists that is also...

Bill Spivey from Florida Development Finance Corporation and Joe Stanton from Broad and Cassel cover the fundamentals of bonds and give a brief overview of the bond market in Florida.

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...

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...

In this presentation, Gray Smith, President and CEO of the Chester County Economic Development Council, examines rural financing strategies. Aggie Bonds are explained in detail, including eligibility and the application process.

John Wooten of Wells Fargo discusses the structure of tax-exempt bond financing.

Jason Bristol from TD Bank discusses the conditions of the Industrial Revenue Bond market and the resulting effects, in addition to discussing the future for IRB's in the state.

This month, the CDFA // BNY Mellon Development Finance Webcast Series hosted an urgent discussion for the development finance industry about the proposed updates in the Modernizing American Manufacturing Bonds Act that was recently introduced, and...

The various types of bonds and important bond terms are explained by James Hamill of Bridge Strategic Partners.

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