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 Categories Volume Cap Allocation Amount Number of Projects Number of Loans Number of Permanent Jobs Created

Multi-Family Housing $27,000,000 1 N/AP 10

Number of Construction Jobs Created

Number of Other Temporary Jobs Created

250 25

Single Family Homes $126,636,300 N/A 3,388 N/A 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