Archive for Private Activity Bond Financing

State reports offer new insights on volume cap!

In June 2016, the New York State legislature renewed the Private Activity Bond Allocation Act (PABA) for two more years. The renewal included two significant amendments recommended by CHPC in our report Pump Up the Volume: moving the recapture date earlier in the calendar year, and providing transparent information on the use of volume cap throughout the State. The recapture date was changed from October 15 to September 15, and the State is now required to make public three separate reports on how volume cap is used.

The first of these reports came out in September 2016. It shows …

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New law brings transparency to volume cap allocations


On June 30, 2016 Governor Cuomo signed into law Assembly Bill 10255 to renew the Private Activity Bond Allocation Act for two more years. The new law is almost identical to the expired law but makes two significant changes: the bill moves the recapture date forward from October to September and adds some key provisions that will bring reporting and transparency to the volume cap allocation process.

Both changes seem borrowed straight out of CHPC’s 2014 report Pump Up the Volume! CHPC recommended moving the recapture date from October to July and requiring the State to “publicly report

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Volume Cap explained in video

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Over 49,000 units of affordable hosing were financed using tax-exempt private activity bonds in New York City between 2005 and 2013. It is a critical resource for the development of affordable housing in our city, yet one that remains a bit of a mystery for many in the development community.

CHPC’s study Pump Up The Volume took the first deep look at the use of tax-exempt private activity bonds and proposed a series of recommendations to improve the allocation of bonds to support housing development. For those who just need of a simple explanation on what are tax-exempt private activity …

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Bond Financing & Volume Cap Workshop

NYSAFAH- Building for the Future Conference

Wednesday, May 13, 2015

This session will discuss best uses of volume cap and new structures being used to support HFA and HDC bond allocations. CHPC’s “Pump Up the Volume” report recommendations will provide the basis for discussion.

Moderator: Jerilyn Perine, CHPC

Richard Gerwitz, Citi
Gary Rodney, NYC HDC
Marian Zucker, NYS HCR

You must register for the conference to attend workshop sessions. Register for the conference here.

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Private Activity Bond Panel

Yesterday morning’s breakfast panel on Private Activity Bonds (PABs) in New York was a great success. Over 50 professionals from the housing and finance sectors came together to hear more about our report, Pump Up the Volume: Recommendations to Improve the Allocation of Private Activity Bonds to Better Support Housing in New York State.



The CHPC study is the first to examine how PABs are used in New York State, thanks to data provided by government agencies and to public records on bond issues. The study highlights the importance of PABs for housing development despite a bond allocation process …

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Breakfast Panel: Private Activity Bonds in New York



Please join us the morning of Wednesday, March 18th for a breakfast panel discussion on the allocation and use of tax-exempt private activity bonds for housing, following our Pump Up the Volume report.

To register for the event, please RSVP here.

Panel Members:

Richard Gerwitz, Citibank

Marvin Markus, Goldman Sachs

Joan Tally, Morgan Stanley

Panel Moderator:

Richard Roberts, Red Stone Equity Partners


See the full report here.

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