Market data · 2026 allocations
2026 LIHTC credit ceilings and bond caps by state
For 2026 each state's 9% housing credit ceiling starts at the greater of $3.416 per resident or $3,953,600, and its private activity bond cap at the greater of $135 per resident or $397,625,000. Across the 50 states, DC and Puerto Rico that is $1,187.6 million of annual 9% credit and $50.24 billion of bond cap. California leads with $134,437,736, then Texas and Florida.
The formulas
| Item | 2026 formula | Minimum applies at or below | Source |
|---|---|---|---|
| 9% housing credit ceiling (population amount) | greater of $3.416 × population or $3,953,600 | 1,157,377 residents | 26 U.S.C. 42(h)(3)(C), (H), (I); Rev. Proc. 2025-32 sec. 4.08 |
| Private activity bond volume cap | greater of $135 × population or $397,625,000 | 2,945,370 residents | 26 U.S.C. 146(d); Rev. Proc. 2025-32 sec. 4.19 |
| Bond cap, insular areas | population × $397,625,000 ÷ 588,753 (Wyoming) | applies to possessions smaller than the least populous state | 26 U.S.C. 146(d)(4) |
The $3.416 already includes the 1.12 multiplier that Pub. L. 119-21 sec. 70422(a) made permanent for calendar years after 2025, so both the per-capita amount and the minimum are 12% higher than the inflation-adjusted base alone. Because the minimum is the same in every small state, Wyoming gets $6.72 of 9% credit per resident against California's $3.42.
All jurisdictions
| State | 2026 population | 9% ceiling | Per resident | Bond cap | Per resident |
|---|---|---|---|---|---|
| California | 39,355,309 | $134,437,736 | $3.42 | $5,312,966,715 | $135.00 |
| Texas | 31,709,821 | $108,320,749 | $3.42 | $4,280,825,835 | $135.00 |
| Florida | 23,462,518 | $80,147,961 | $3.42 | $3,167,439,930 | $135.00 |
| New York | 20,002,427 | $68,328,291 | $3.42 | $2,700,327,645 | $135.00 |
| Pennsylvania | 13,059,432 | $44,611,020 | $3.42 | $1,763,023,320 | $135.00 |
| Illinois | 12,719,141 | $43,448,586 | $3.42 | $1,717,084,035 | $135.00 |
| Ohio | 11,900,510 | $40,652,142 | $3.42 | $1,606,568,850 | $135.00 |
| Georgia | 11,302,748 | $38,610,187 | $3.42 | $1,525,870,980 | $135.00 |
| North Carolina | 11,197,968 | $38,252,259 | $3.42 | $1,511,725,680 | $135.00 |
| Michigan | 10,127,884 | $34,596,852 | $3.42 | $1,367,264,340 | $135.00 |
| New Jersey | 9,548,215 | $32,616,702 | $3.42 | $1,289,009,025 | $135.00 |
| Virginia | 8,880,107 | $30,334,446 | $3.42 | $1,198,814,445 | $135.00 |
| Washington | 8,001,020 | $27,331,484 | $3.42 | $1,080,137,700 | $135.00 |
| Arizona | 7,623,818 | $26,042,962 | $3.42 | $1,029,215,430 | $135.00 |
| Tennessee | 7,315,076 | $24,988,300 | $3.42 | $987,535,260 | $135.00 |
| Massachusetts | 7,154,084 | $24,438,351 | $3.42 | $965,801,340 | $135.00 |
| Indiana | 6,973,333 | $23,820,906 | $3.42 | $941,399,955 | $135.00 |
| Missouri | 6,270,541 | $21,420,168 | $3.42 | $846,523,035 | $135.00 |
| Maryland | 6,265,347 | $21,402,425 | $3.42 | $845,821,845 | $135.00 |
| Colorado | 6,012,561 | $20,538,908 | $3.42 | $811,695,735 | $135.00 |
| Wisconsin | 5,972,787 | $20,403,040 | $3.42 | $806,326,245 | $135.00 |
| Minnesota | 5,830,405 | $19,916,663 | $3.42 | $787,104,675 | $135.00 |
| South Carolina | 5,570,274 | $19,028,056 | $3.42 | $751,986,990 | $135.00 |
| Alabama | 5,193,088 | $17,739,589 | $3.42 | $701,066,880 | $135.00 |
| Louisiana | 4,618,189 | $15,775,734 | $3.42 | $623,455,515 | $135.00 |
| Kentucky | 4,606,864 | $15,737,047 | $3.42 | $621,926,640 | $135.00 |
| Oregon | 4,273,586 | $14,598,570 | $3.42 | $576,934,110 | $135.00 |
| Oklahoma | 4,123,288 | $14,085,152 | $3.42 | $556,643,880 | $135.00 |
| Connecticut | 3,688,496 | $12,599,902 | $3.42 | $497,946,960 | $135.00 |
| Utah | 3,538,904 | $12,088,896 | $3.42 | $477,752,040 | $135.00 |
| Nevada | 3,282,188 | $11,211,954 | $3.42 | $443,095,380 | $135.00 |
| Iowa | 3,238,387 | $11,062,330 | $3.42 | $437,182,245 | $135.00 |
| Puerto Rico | 3,184,835 | $10,879,396 | $3.42 | $429,952,725 | $135.00 |
| Arkansas | 3,114,791 | $10,640,126 | $3.42 | $420,496,785 | $135.00 |
| Kansas | 2,977,220 | $10,170,184 | $3.42 | $401,924,700 | $135.00 |
| Mississippi | 2,954,160 | $10,091,411 | $3.42 | $398,811,600 | $135.00 |
| New Mexico | 2,125,498 | $7,260,701 | $3.42 | $397,625,000 * | $187.07 |
| Idaho | 2,029,733 | $6,933,568 | $3.42 | $397,625,000 * | $195.90 |
| Nebraska | 2,018,006 | $6,893,508 | $3.42 | $397,625,000 * | $197.04 |
| West Virginia | 1,766,147 | $6,033,158 | $3.42 | $397,625,000 * | $225.14 |
| Hawaii | 1,432,820 | $4,894,513 | $3.42 | $397,625,000 * | $277.51 |
| New Hampshire | 1,415,342 | $4,834,808 | $3.42 | $397,625,000 * | $280.94 |
| Maine | 1,414,874 | $4,833,210 | $3.42 | $397,625,000 * | $281.03 |
| Alaska * | 737,270 | $3,953,600 | $5.36 | $397,625,000 * | $539.32 |
| American Samoa * | 43,268 | $3,953,600 | $91.37 | $29,221,827 † | $675.37 |
| Delaware * | 1,059,952 | $3,953,600 | $3.73 | $397,625,000 * | $375.13 |
| District of Columbia * | 693,645 | $3,953,600 | $5.70 | $397,625,000 * | $573.24 |
| Guam * | 169,691 | $3,953,600 | $23.30 | $114,603,890 † | $675.37 |
| Montana * | 1,144,694 | $3,953,600 | $3.45 | $397,625,000 * | $347.36 |
| North Dakota * | 799,358 | $3,953,600 | $4.95 | $397,625,000 * | $497.43 |
| Northern Mariana Islands * | 50,946 | $3,953,600 | $77.60 | $34,407,304 † | $675.37 |
| Rhode Island * | 1,114,521 | $3,953,600 | $3.55 | $397,625,000 * | $356.77 |
| South Dakota * | 935,094 | $3,953,600 | $4.23 | $397,625,000 * | $425.22 |
| U.S. Virgin Islands * | 103,792 | $3,953,600 | $38.09 | $70,097,807 † | $675.37 |
| Vermont * | 644,663 | $3,953,600 | $6.13 | $397,625,000 * | $616.80 |
| Wyoming * | 588,753 | $3,953,600 | $6.72 | $397,625,000 * | $675.37 |
* minimum applies. † section 146(d)(4) possession amount. Populations: IRS Notice 2026-22 (2026-15 I.R.B.) (Census Vintage 2025 estimates released January 27, 2026; insular areas from the Census International Data Base). Amounts: IRS Rev. Proc. 2025-32. Computed by us, rounded to the dollar, checked 2026-10-30. Population amounts only: they exclude carryforward, returned credits and the national pool.
Questions people ask
How is the 2026 LIHTC state ceiling calculated?
The population part is the greater of $3.416 times the state's population or $3,953,600 (Rev. Proc. 2025-32, sec. 4.08). Both figures include the permanent 12% increase in Pub. L. 119-21 sec. 70422. The state then adds unused credits from the prior year, credits returned by projects and any national pool allocation.
What is the 2026 private activity bond volume cap?
The greater of $135 per resident or $397,625,000 for each state (Rev. Proc. 2025-32, sec. 4.19). For 2026 that totals $50.24 billion across the 50 states, DC and Puerto Rico. Multifamily housing bonds compete with other private activity bonds for it, and 4% LIHTC deals need it.
Which states get the minimum LIHTC allocation?
States with 1,157,377 or fewer residents get the $3,953,600 minimum. In 2026 that is Alaska, Delaware, District of Columbia, Montana, North Dakota, Rhode Island, South Dakota, Vermont, Wyoming, plus the four insular areas.
Why does my HFA publish a different 2026 number?
This table shows only the population amount. Agencies publish their total authority including carryforward, returns and the national pool, and some round to whole dollars differently.
Financing a tax credit deal?
Send it to the Janover Capital desk for construction, bond, bridge and permanent debt.