Not all states issue multifamily private activity bonds (PABs) each year, and the number of states issuing no multifamily PABs has varied widely since 2000, according to data reported by the Council of Development Finance Agencies (CDFA). The lowest number of states issuing no multifamily PABs was 2003, with only seven states reporting no issuance of multifamily PABs. With the onset of the financial crisis, that number grew to 30 in 2011. As the nation recovered, the number of states issuing no multifamily PABs fell to 10 in 2016, increasing slightly to 11 in 2017.

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However, states don’t always report their PAB issuance to CDFA, which makes the amount of non-reporting relevant. With respect to multifamily PAB issuance, all states reported issuance from 2000-2006. From 2007-2016, states not reporting multifamily PAB issuance varied from 2 to 14 states in 2015. In 2017, all states reported their multifamily issuance, returning to the standard in the early 2000s.

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When the number of states reporting no issuance is combined with the number of non-reporting states, the total reached a recent low of 11, meaning that 40 states and the District of Columbia reported some level of multifamily issuance, the highest proportion since 2004 (41 states plus D.C.).