Private Activity Bonds

The Private Activity Bond program funds privately developed projects. The bonds are tax-exempt and the amount of the bonds issued are limited by the IRS. Underwriters use investor money called “bond proceeds,” to make a loan to a project. The project then pays back the loan and the investors are repaid, plus interest.

Annual Private Activity Bond Meeting – December 12, 2023

The annual Private Activity Bond (PAB) meeting will be held on December 12, 2023 from 1:00pm to 2:15pm. The regularly scheduled State Housing Board (SHB) meeting will begin at the conclusion of the PAB meeting. Please join us virtually (no in person option) for the PAB and SHB meetings using the video link or phone in number below:
Join Hangouts Meet
Join by phone
+1 443-461-5183 PIN: 477 307 210#

We will publish separate agendas for the PAB and SHB portions of the meeting. 

Thank you, and we look forward to seeing you virtually.


Municipalities or housing authorities issue the bonds, but have no obligation to repay the investors. Investors purchase the bonds.

Eligible activities include:

  • New construction or acquisition/rehabilitation of housing for low- to moderate-income people
  • Single-family mortgage revenue bonds (SFMRB) sold by local and state agencies for mortgages low- and moderate-income people
  • Mortgage Credit Certificates (MCC) which is a bond allocation for qualified homebuyers
  • Manufacturing "small issue" industrial development bonds (not to exceed $10,000,000) for construction of manufacturing facilities that produce goods.
  • Qualified redevelopment bonds for acquiring property in blighted areas, prepare land for redevelopment, and relocate occupants of structures on the acquired property.
  • Exempt facility bonds for hazardous waste facilities, solid waste disposal facilities, water and sewer facilities, mass commuting facilities, local district heating and cooling facilities, local electric energy or gas facilities and multifamily housing bonds.
  • Qualified 501(c) (3) bonds for use by non-profit hospitals and private universities.

Applying for the Statewide Balance

The Department of Local Affairs (DOLA) will accept applications for allocations from the Statewide Balance in three rounds:
 Round 1:
●     Application due date: March 1, 2023
●     PAB Allocations Committee presentation and award decisions: April 2023
Round 2, if cap remains after the first round:
●         Application due date: June 1, 2023
●         PAB Allocations Committee presentation and award decisions: July 2023
Round 3, open to any issuing authority and to pipeline requests:
●         Application due date: November 1, 2023
●          PAB Allocations Committee presentation and award decisions: December 2023. This will be held during the State Housing Board meeting scheduled for December 12. The PAB portion of the meeting is scheduled from 1:00pm to 2:15pm. Click here for meeting details.

Application and Instructions Word Format
Application and Instructions PDF Format


See PAB Balances by Issuer






Wayne McClary
Local issuing authorities: Add a new point of contact for PAB communications using this 
contact update form