Private Activity Bond
PRIVATE ACTIVITY BOND AUTHORITY
The Private Activity Bond Authority Review Board manages the state’s volume cap for the following programs: Private Activity Bond Authority Program (PAB) and the Qualified Energy Conservation Bond Program (QECB). The PAB is Utah’s tax-exempt bonding authority to create a lower-cost, long-term source of capital for: • Promoting the economic health of communities by providing affordable housing; • Assisting new or existing companies with funding for manufacturing facilities and equipment. The federal government allocates more than $37 billion per year to states on a per capita basis, with Utah receiving $302.8 million in 2016. QECBs are taxable bonds issued for a number of energy conservation initiatives including energy reduction in public buildings, mass commuting facilities and energy technology research. The federal government allocated one-time funding of $3.2 billion as part of the 2009 American Recovery and Reinvestment Act (ARRA). Volume cap was allocated to states in proportion to their population, with Utah receiving $28.3 million.
Summary and Outcomes Note: PAB operates on a calendar year. Allocation amounts are from CY 2015, but estimated job creation figures are from CY 2016 when construction commenced on the project.
APPROVED PROJECTS FOR CY 2015 Approved Funding
Volume Cap Allocation Amount
Number of Projects
Number of Loans
Multi-Family Housing
$27,000,000
1
N/AP
10
Single Family Homes
$126,636,300
N/A
3,388
N/A
Categories
Number of Permanent Jobs Created
Number of Number of Other Construction Temporary Jobs Jobs Created Created
250
25
256*
* Direct, indirect and induced jobs.
For additional information about Private Activity Bond visit www.business.utah.gov/pab or contact Roxanne Graham, Director, at roxanneg@utah.gov or 801-538-8699 Governor’s Office of Economic Development • 2016 Annual Report • www.business.utah.gov
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