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The Tax Reform Act of 1986 limits the amount of private activity bonds that can be issued each year by each state. The limitation covers multi-family, single family and industrial development and solid waste bonds. The state of Nevada reserves 50% of the total allocation to finance their single-family loan program. The remaining 50% is allocated to the cities and counties to finance the new construction or rehabilitation of multifamily units where low-income households will occupy a certain percentage of the units. Each year, in approximately March or April, the city receives the amount of Private Activity Bond Cap Allocation from the state that is available for distribution.
The following are highlights of potential benefits and disadvantages of financing for multi-family projects using tax exempt Private Activity Bonds.
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