Bond Recycling Program

The CalHFA Bond Recycling Program is designed to preserve and recycle prior year(s) tax-exempt private activity bond volume cap that would otherwise expire upon repayment of construction period financing (resulting in redemption of bonds) to be accessed by developers that seek construction and/or rehabilitation financing for eligible projects that provide affordable multifamily rental housing for individuals, families, seniors, veterans or special-needs tenants. The use of these recycled bonds will reduce the need for current year private activity bond volume cap managed by the California Debt Limit and Allocation Committee (CDLAC).