A new blog post from Peter Lawrence with Novogradac and Co. explores recent private activity bonds (PABs) trends.  In 2017, eleven states reported no multifamily PAB issuance, up from ten in 2016 and down from the high of 30 in 2011. According to the CDFA Annual Volume Cap Report, the eleven states that did not issues multifamily PABs are Indiana, Maine, Montana, New Hampshire, New Jersey, North Dakota, South Dakota, Utah, Vermont, West Virginia and Wyoming.