State Policies on New 25% Bond Financing Threshold
On July 4, 2025, President Trump signed into law the One Big Beautiful Bill Act, which includes a permanent change to the bond financing threshold test for 4 percent Housing Credit developments, dropping the test from a 50 percent threshold to a 25 percent threshold for properties placed in service after December 31, 2025 that have at least 5 percent of aggregate costs covered by bond financing from multifamily Housing Bonds issued in 2026 or later. State Housing Credit agencies are now working to set policies to implement the new threshold. Below are the final policies published by state Housing Credit agencies and anticipated publication information for others. Click on the state
Final 25% test guidance availableย ย ย ย ย ย ย ย ย 
No change in guidance
Expect to publish guidance soonย ย ย ย ย ย ย ย ย ย 
Announcement pending
State agencies that have finalized their policies or know when they expect to publish them should contact NCSHAโsย Deborah Yi to have that information added to this page. States not listed above have not yet provided a status update to NCSHA.
