More than 20 Percent of States Don’t Issue PABs for Multifamily Housing

Published by Peter Lawrence on Wednesday, October 12, 2016 - 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, the number grew to 32 in 2011. As the nation recovered, the number of states issuing no multifamily PABs fell to 13 in 2015.


Blog Graph Lowest Number of States Issuing No Multifamily PABs
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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 2007-2014, states not reporting multifamily PAB issuance varied from 2 to 10 states. In 2015, non-reporting reached a recent high of 14 states, including states regularly issuing multifamily PABs, such as Colorado, Washington DC, Florida, Illinois, Maryland, New Jersey and Virginia. Indeed, years with significant non-reporting likely mean that annual totals for multifamily issuance are underreported.


Blog Graph Number of States Not Reporting Multifamily PAB Issuance
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