Volume Cap Resource Center
The CDFA Volume Cap Resource Center allows users to search, sort, and compare comprehensive private activity bond volume cap data from all 50 states and the District of Columbia dating back to 2005. As a leader in the development finance industry, CDFA serves as the principal source for private activity bond volume cap data, reporting, and trends.
CDFA collects and analyzes the best available national volume cap data as reported by managing state agencies by surveying and interviewing representatives from each state’s volume cap allocating and issuing authorities. The data represents the best available figures as reported by each state to CDFA.
The CDFA Annual Volume Cap Report contains information critical to understanding and evaluating the efficiencies, effectiveness, costs, and benefits of private activity bonds.
Want regular updates on private activity bonds and volume cap? Subscribe to
CDFA's Bond Finance Update newsletter.
Subscribe
+What is Volume Cap?
The federally-mandated volume cap limits the maximum issuance allowed for most categories of qualified Private Activity Bonds (PABs). Qualified 501(c)(3) bonds are a notable exception, along with Veterans’ Mortgage Revenue Bonds and some Exempt Facilities bonds. Other categories, including Small Issue Bonds, Single-Family Mortgage Revenue Bonds, and most Exempt Facilities Bonds are subject to federal volume cap.
Each state has the authority to sub-allocate its volume cap among agencies, municipalities, or private activity bond categories. In order to issue qualified PABs in cap-subject categories, an issuer generally must apply to the appropriate agency to receive permission to use the volume cap. Cap that is not used by the end of the year may be carried forward for use in one of the next three years, or it can be converted into Mortgage Credit Certificates. Therefore, a state’s current volume cap can generally be defined as its new allocation plus the carryforward from its last three years, minus any allocation converted into mortgage credit certificates.
Every year, new cap is allocated to each state based on a formula. The IRS uses amounts under 26 USC §146(d) to calculate the State ceiling for the volume cap for private activity bonds.
2024 Volume Cap Formula:
The greater of either (1) $125 multiplied by the state's population or (2) $378,230,000.
2023 Volume Cap Formula:
The greater of either (1) $120 multiplied by the state's population or (2) $358,845,000.
2022 Volume Cap Formula:
The greater of either (1) $110 multiplied by the state's population or (2) $335,115,000.
CDFA Food Systems Finance Best Practices Guidebook
Linking development finance and food systems can be a daunting undertaking for any community. Research on the current ecosystem of food systems finance has positioned CDFA to identify key strategies for the path ahead in this work. The Food Systems Finance Best Practices Guidebook defines how traditional development finance tools can be used to launch and expand food and agricultural-related businesses and projects, and create successful food systems finance programs at the local and regional levels.
Investing in Regenerative Agriculture Infrastructure Across Value ChainsMembers only 
Login
Regenerative farms rely on small-to-mid scale, aligned infrastructure to process, transport, and market their products. These middle infrastructure businesses help to improve farm income and bolster regional food economies while providing significant social and environmental benefits. However, their unique business models require innovative and patient forms of capital to grow and succeed. This report identifies finance opportunities and pathways to build resilient value chains for regenerative farms.
+National Volume Cap Map
+Search Historical Volume Cap Data
+CDFA Annual Volume Cap Reports
Below you can view CDFA Annual Volume Cap Reports dating back to 2007.
CDFA 2018 Annual Volume Cap Report: An Analysis of Private Activity Bond & Volume Cap Trends
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 billion in 2018. Multi and Single-Family Housing Bond issuance increased by $1.11 billion in 2018, climbing from a combined $20.98 billion in 2017 to $22.09 billion in 2018.
CDFA 2017 Annual Volume Cap Report: An Analysis of Private Activity Bond & Volume Cap Trends
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 dramatically from 2016, rising from $20.38 billion to $24.86 billion. Multi and Single-Family Housing Bond issuance also increased in 2017, climbing from a combined $18.47 billion in 2016 to $20.98 billion in 2017.
CDFA 2015 Annual Volume Cap Report: An Analysis of Private Activity Bond & Volume Cap Trends
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 amount of national volume cap was approximately $90.04 billion. In 2015, the total dollar amount of private activity bonds issued throughout the nation saw a $1.5 billion uptick over the previous year, to $13.1 billion.
CDFA 2014 Annual Volume Cap Report: An Analysis of Private Activity Bond & Volume Cap Trends
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 total accessible amount of national volume cap approximately $92.1 billion. The total amount of private activity bonds issued throughout the U.S. in 2014 increased to $11.6 billion.
CDFA 2013 Annual Volume Cap Report: An Analysis of Private Activity Bond & Volume Cap Trends
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 volume cap allocation in 2013. This was added to more than $56.4 billion in existing carryforward allocation, making the total available amount of national volume cap approximately $90 billion.
CDFA 2011 Annual Volume Cap Report: An Analysis of Private Activity Bond & Volume Cap Trends
The total dollar amount of private activity bonds issued throughout the U.S. in 2011 decreased compared to 2010. In 2011, $12.8 billion of PABs were issued. This is a $1.8 billion, or 13%, decrease from the $14.6 billion issued in 2010. The $12.8 billion in PAB issuance represents 41% of states’ 2011 allocation of volume cap, and just 15% of states’ total available capacity.
CDFA 2009 Annual Volume Cap Report: An Analysis of Private Activity Bond & Volume Cap Trends
Overall, 2009 saw a decrease in the total dollar amount of private-activity bonds issued. In 2009, $11.92 billion of PABs were issued, a $1.74 billion decrease over issuance in 2008. This represents a 12.7% decrease from 2008. Issuances of IDBs totaled approximately $946.5 million in 2009, compared to $1.27 billion in 2008. While a decrease, 2009 IDB issuance is still at or above 2003-2005 levels.
CDFA 2007 Annual Volume Cap Report: An Analysis of Private Activity Bond & Volume Cap Trends
Overall, 2007 saw an increase in the total dollar amount of private-activity bonds (PABs) issued. In 2007, $28.5 billion of PABs were issued, representing a $3 billion increase over issuance in 2006. States also used their allocations more efficiently in 2007. Abandoned carryforward (expiring unused volume cap after three years) decreased by more than $400 million from 2006 to 2007.
+Volume Cap Resources