Episode 78: Novogradac Projects Record 2026 LIHTC and PAB Volume Novogradac projects 2026 as a record year for LIHTC and private activity bond volume, with equity commitments potentially exceeding $15 billion. Understand the market dynamics driving unprecedented deal flow and what it means for developers. KEY TAKEAWAYS: • IRS's 2026 per-capita LIHTC multiplier of $3.05 is the highest in program history • Combined with slight population growth, this translates to record total LIHTC allocations available nationwide • 25% bond threshold is driving volume by freeing up bond volume cap for additional projects • Syndicators report strong investor appetite for LIHTC equity • Banks are actively competing for LIHTC financing opportunities • Novogradac projects 2026 LIHTC volume could exceed $15 billion in equity commitments, the highest on record However, this volume comes with challenges. Construction costs remain elevated. Gap financing is increasingly constrained. Developers are competing intensely for limited resources. The expanded LIHTC allocation is enabling more deals, but the total capital available is still insufficient to address the nation's affordable housing shortage. For developers and investors, 2026 represents a critical window of opportunity. The expanded LIHTC resources and strong market conditions create favorable conditions for project development. Subscribe to The Spring Street Brief for daily insights on LIHTC, Section 8, HUD policy, and affordable housing finance.