Housing Bonds Set New Record in 2017, According to CDFA Report

Thursday, September 20, 2018 - 11:15am

Combined tax-exempt private activity bond (PAB) issuance for multifamily and single-family housing set a record in 2017, according to a report issued today by the Council of Development Finance Agencies (CDFA). The combined multifamily and single-family total was $21 billion, an increase of $2.5 billion from 2016. Housing bonds accounted for 84.4 percent of all PABs, the fourth consecutive year that at least 80 percent of PABs went to housing. A record $15.3 billion in multifamily housing bonds–which are paired with 4 percent low-income housing tax credits–was issued in 2017, an increase of $1.3 billion from 2016. CDFA suggests the increase was likely a result of states racing to issue PABs in case they were repealed in tax reform.