Department of the Treasury / Internal Revenue Service · Transportation · Housing · Water & Wastewater · Public Facilities
Private Activity Bonds (PABs) — Tax-Exempt Financing
Tax-exempt bonds issued by state or local government on behalf of private projects that serve a defined public purpose — airports, ports, water/sewer, solid waste, multifamily housing, surface transportation, and qualified broadband. State volume cap allocates 9% credit-paired multifamily PABs; exempt-facility categories are uncapped.
Program facts
- Typical award
- $10M – $1B
- Non-federal match
- Varies by NOFO
- Audience
- Cities, towns, counties, and tribal governments
- Application window
- State volume cap allocation cycles; non-volume-cap categories continuous.
- Typical prep time
- 16–36 weeks
- Statutory authority
- IRC §141-150; IIJA §80403
Catalog entry last verified 2026-05-24 · Verify on the agency page →
Eligibility at a glance
- Cities are eligible applicants.
Not a grant — issuance authority. IIJA expanded PABs for highway/transit/water with new authorizations. Amounts and timing approximate; verify directly with administering agency.
How Strategic Pursuit scores this program
When you run a city dossier, Strategic Pursuit cross-checks the city's demographics, federal award history, disaster history, and CEJST burden categories against this program's eligibility and strategic-fit signals. You see an explicit eligibility / strategic / competitive grade — backed by source citations — instead of a generic "match" badge.
Planning purposes only. Award ranges, match percentages, and application windows on this page summarize the latest publicly available agency guidance and are approximate. Always verify the binding NOFO on the administering agency's page before applying.