The federal government bases each state’s annual Bond Cap allocation on its population. Washington’s population increased to 7,812,880 during 2023, according to the U.S. Census. Thus, our tax-exempt private activity bond authority available for the 2024 calendar year has increased and is now $976.6 million.
Calculation for Washington’s 2024 Allocation
Initial Allocations by Category
| Exempt Facilities | 20.0% of Allocation | $195,322,000 |
| Housing | 33.6% of Allocation | $328,140,960 |
| Housing (Local Housing Authorities) | 8.4% of Allocation | $82,035,240 |
| Small Issue | 25.0% of Allocation | $244,152,500 |
| Student Loans | 5.0% of Allocation | $48,830,500 |
| Remainder and Redevelopment | 8.0% of Allocation | $78,128,800 |
The Bond Cap allocation is the total amount of borrowing that qualifying types of private projects are allowed to do each year at less expensive tax-exempt rates under federal law. The lenders (bond purchasers) for these projects are private investors. No governmental funds are involved.
For more information on how the allocation of private activity bond issuing authority works, see the Bond Cap Program’s 2024 Biennial Report (PDF) or contact Program Manager Allan Johnson.