Private Activity Bond Volume Cap
Volume Cap is the dollar limit set by federal statutes that borrowers use for certain tax-exempt private activity bonds. These bonds are for affordable housing, infrastructure projects, and, under some circumstances, manufacturing facilities and student loans. The interest paid on the bonds is exempt from federal and often state taxes, which provide lower capital costs for the borrowers and ultimately lead to more affordable housing and other projects.
Each year, the state receives its Volume Cap ceiling, which represents $130 per state resident (IRC Sec. 146). Beginning with the 2017 cycle, the Arizona Finance Authority will allocate Arizona’s Volume Cap (Laws 2016 Ch. 372).
2025 Arizona Volume Cap: $985,709,920.00
Available as of 04/22/2025
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Residential Rental, Mortgage Revenue Bonds and Mortgage Credit Certificates |
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$0.00 |
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Other |
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$0.00 |
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Director's Discretion |
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$12,608,457.42 |
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Total Available |
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$12,608,457.42 |
The April 1 lottery was held on April 3 at 10:00 AM. Lottery Results
Volume Cap Application (April 1 to December 15)
List of Allocations (2022 - Present)
Volume Cap Request for Review and Clarification Form
Director's Discretion Application - Applications are not being considered at this time.
Questions: [email protected]