PAB Allocation Program Overview

The Division of Bond Finance administers the Private Activity Bond (PAB) Allocation Program as required by state and federal law under the Florida Private Activity Bond Allocation Act, codified in Part VI, Chapter 159, Florida Statutes (the Act), and the Internal Revenue Code (the Code).

Read more about the Program

Annual Distribution and Availability of Volume Cap

The Division the annually determines the aggregate amount of PABs that may be issued in Florida and distributes the total state volume limitation (volume cap) among statutorily created allocation pools on January 1st of each year and unused volume cap subsequently redistributed to other pools at various points throughout the year as required by the Act. Each allocation pool has a set time of the year in which it is available to be used and may only be used for specific purposes for which the Division may allocate to issuers. Generally, the Division allocates volume cap tout of each allocation pool on a first-come, first-served basis, subject to availability.

Description of Allocation Pools
Dates of Availability for Allocation Pools
Initial Distribution of Volume Cap and Current Balance of Allocation Pool
Allocated Volume Cap, Pending Requests, and Issuances

The Division maintains a record of the cumulative amount of volume cap allocated to issuers in the state, including Confirmations from the current year’s volume cap and aggregated annual Carryforward balances.

Current Year Confirmations by Issuer
Annual Carryforward Balances by Issuer

When there is insufficient volume cap in the appropriate pool to grant an issuer’s request for an allocation of volume cap, such notices of intent to issue are placed on a pending list to be filled in the priority established by the Act from volume cap that subsequently becomes available for allocation.

Pending List

Following receipt of a Confirmation, private activity bonds may be issued and an Issuance Report must be submitted to the Division for a Final Certification of Allocation.

PAB Issuances
PAB Portal

All requests for volume cap (Notices of Intent to Issue and requests for Carryforward Confirmations), and notifications of the use of such volume cap (Issuance Reports and requests to convert allocated volume cap to Mortgage Credit Certificates) must be filed electronically through the Division’s PAB Program Portal.

Users must create an account to access the PAB Program Portal to submit the forms required by the Act.

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