CDLAC’s programs have resulted in the allocation of more than $65 billion of private activity tax-exempt bonds to over 220 municipal, state, and joint powers authority issuers.
Federal law limits how much tax-exempt debt a state can issue in a calendar year for private projects that have a qualified public benefit. This cap is determined by a population-based formula. The California Debt Limit Allocation Committee (CDLAC) was created to set and allocate California’s annual debt ceiling and administer the State’s tax-exempt bond program to allocate the debt authority. CDLAC’s programs are used to finance affordable housing developments for low-income Californians, build solid waste disposal and waste recycling facilities, and to finance industrial development projects.
