Every year since 2005, the Council of Development Finance Agencies (CDFA) has collected and analyzed national volume cap data as reported by managing state agencies. The CDFA Volume Cap Report represents a vital service to the development finance industry and CDFA members, as this information is critical to understanding and evaluating the efficiencies, effectiveness and cost and benefits of private activity bonds. The results of our 2017 research found that 2017 was a record year for the issuance of multifamily housing bond issuances, totaling $15.3 billion (an increase of $1.3 billion from 2016).