CDFA Report: $17.2 Billion in Multifamily Bonds Issued in 2020, 62 Percent of All Bonds Issued

Council of Development Finance Agencies’ (CDFA) Annual Volume Cap Report for 2019 and 2020. Total Private Activity Bond (PAB) issuance in 2019 was $30.5 billion, up more than 20 percent from $25.3 billion in 2018. This is the highest level of PAB issuance recorded since CDFA starting tracking in 2005. PAB issuance decreased in 2020 to $27.7 billion, the second-highest level on record. 

Multifamily bond issuance saw notable increases in both 2019 and 2020. Total multifamily issuance increased to $16.4 billion in 2019, up from $14.6 billion the prior year, and set a new record in 2020 at $17.2 billion. Multifamily bond issuances accounts for 62 percent of all issuance, while multifamily and single-family combined accounts for 88 percent of all issuance in 2020.