Fewer States Than Last Year Didn’t Issue or Report PABs for Multifamily Housing

Published by Peter Lawrence on Wednesday, September 20, 2017 - 12:00am

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 nine states not issuing multifamily PABs. With the onset of the financial crisis, that number grew to 32 in 2011. As the nation recovered, the number of states issuing no multifamily PABs fell to 10 in 2016.

 

Blog Graph In 2016, Ten States Reported No Multifamily PAB Issuance
Click to Enlarge

 

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 2007-2015, states not reporting multifamily PAB issuance varied from 2 to 14 states in 2015. In 2016, non-reporting reached a recent low of two states: Illinois and South Dakota.  While it’s likely that South Dakota did not issue multifamily bonds, it’s equally likely that Illinois did.

 

Blog Graph In 2016, Two States Did Not report Multifamily PAB Issuance
Click to Enlarge