Bond Volume Cap

Volume Cap is the federally authorized dollar limit of tax-exempt bond financing states can issue for affordable housing (single-family homes and multifamily apartments), student loans, manufacturing, and exempt facilities (i.e. Solid Waste Disposal Facilities).

Volume Cap for Arizona is distributed through the Arizona Finance Authority (“AFA”) with allocations defined by statute.  In general, the Director of the Arizona Finance Authority (“Director”) issues confirmations of the volume cap on a “first-come, first service” basis within each category, except for Director’s discretion, starting on January 2nd of each year in accordance with applicable statutes. (See the AFA’s website oeo.az.gov/afa for details about Volume Cap applications and confirmations.)