Applying for Volume Cap

  1. Applicants seeking Volume Cap need IDA approval, often in the form of an inducement resolution. 
  2. Upon approval of the resolution by an Issuer (or rarely a letter of support from an issuer), the applicant will send a Volume Cap Application request to the AFA ([email protected]) and:
    1. Provide a copy of the Issuer Resolution. (§35-904(A))
    2. Once you are notified of Volume Cap Availability for your project, pay a $5,000 application fee to the AFA invoice:
    3. Within three business days of receipt of all the above, the AFA will send the executed confirmation that the project's volume cap has been secured and an invoice for a Confirmation Fee equal to $320 per one million in Volume Cap.
    4. Pay the Confirmation Fee within three days of receiving the Invoice.
  3. AFA will send confirmation of Volume Cap upon receipt of the Confirmation Fee.
  4. The confirmation is null and void if the Confirmation Fee is not received within three business days.

Payment Information

Remit Check to:   Wire Information
Arizona Finance Authority   Bank of America
c/o Office of Economic Development   Account Name: BNF:OEO/EOA Arizona Finance Authority
1810 West Jackson, #68   Account Number: 000001000985
Phoenix, AZ 85007   Routing Number 026009593

Applying For a Volume Cap Extension

An applicant may apply for a one-time extension of Volume Cap. Extensions are good for 90 days or until December 16, whichever comes first. (A.R.S. §35-910). To attain an extension, an applicant must: 

  1. Send the Volume Cap Extension form to the AFA ([email protected]).
  2. Pay the 1% Security Deposit unless an exception applies.
  3. The 1% Security Deposit is forfeited if the bonds are not issued before the expiration of the extension. (A.R.S. §35-910(C)).