About

Advocacy

Events

Membership

Sponsor

Education

Newsletters

Resources

Technical Assistance

×

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.


2021 Volume Cap Formula:
The greater of either (1) $110 multiplied by the state's population or (2) $324,995,000.


2020 Volume Cap Formula:
The greater of either (1) $105 multiplied by the state population or (2) $321,775,000.


2019 Volume Cap Formula:
The greater of either (1) $105 multiplied by the State population, or (2) $316,745,000.


2018 Volume Cap Formula:
The greater of either (1) $105 multiplied by the State population, or (2) $311,375,000.


-National Volume Cap Map

How the Cap Is Used

-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 2016 Annual Volume Cap Report: An Analysis of Private Activity Bond & Volume Cap Trends
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 billion. Multi and Single-Family Housing Bonds accounted for 91 percent of total private activity bond issuance.
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 2012 Annual Volume Cap Report: An Analysis of Private Activity Bond & Volume Cap Trends
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 $11.08 billion in 2012. Combined multi-family and single-family housing bond issuance accounted for $7.65 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 2010 Annual Volume Cap Report: An Analysis of Private Activity Bond & Volume Cap Trends
National private-activity bond issuance increase by approximately 16% in 2010, according to the CDFA 2010 National Volume Cap Report. States reported carrying $41.6 billion of volume cap from previous years (2007, 2008, and 2009) into 2010. This indicates a $1.9 billion, or 5%, increase in carryforward from the end of 2009 to the end of 2010.
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 2008 Annual Volume Cap Report: An Analysis of Private Activity Bond & Volume Cap Trends
In 2008, $13.7 billion of PABs were issued, a $14.8 billion decrease over issuance in 2007. This represents a 51.9% decrease from 2007. Carryforward of volume cap, not including the additional housing cap, jumped from $16.5 billion in 2007 to $24.3 billion in 2008. Carryforward that was abandoned also increased from $1.0 billion to more than $3.6 billion in 2008.
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

Analyzing the Impact of Lowering the 50% Test for 4% Tax-Exempt Bond Financed PropertiesMembers only Login
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 40 percent would “free” nearly $37.5 billion in PAB cap over 2021-30 that could be allocated for more affordable rental housing or other PAB-eligible uses.
California 2020 Report on Allocation of Qualified Private Activity BondsMembers only Login
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, however, California was incredibly over-subscribed.
STAR Bonds Financing Program - August 2021 Evaluation and AuditMembers only Login
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 state to break even on tax revenue it gave up supporting 3 selected STAR bond attractions?
IRS Revenue Procedure 2020-45: Calendar Year 2021 Housing Credit and Bond Volume Caps
IRS Revenue Procedure 2020-45 sets out the calendar year 2021 Low-Income Housing Tax Credit and Bond Volume Caps.
Washington Bond Cap Allocation Program: 2020 Biennial Policy Report and Activity SummaryMembers only Login
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.
View more Volume Cap Resources

CDFA National Sponsors

  • Baker Tilly
  • BNY Mellon
  • Bricker & Eckler LLP
  • Brownfield Superfund Advisory, Inc
  • Bryan Cave Leighton Paisner LLP
  • Business Oregon
  • CohnReznick
  • FBT Project Finance Advisors LLC
  • Frost Brown Todd LLC
  • gener8tor
  • Hawkins Delafield & Wood LLP
  • Ice Miller LLP
  • KeyBanc Capital Markets
  • Kutak Rock LLP
  • McGuireWoods
  • MuniCap, Inc.
  • NW Financial Group, LLC
  • PGAV Planners, LLC
  • SB Friedman Development Advisors
  • Stern Brothers
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
Become a Sponsor