Past Effective Rate Tables

20-Year Pool Size and Debenture Rate

Comparative Loan Costs 

20 Year Debenture Effective Rate

Please note: The series for zero subsidy has been discontinued. Effective rates are calculated using the methodology explained in the March 26, 1999 letter from Mark Barbash, then DCF LLC President. A copy of this letter is available here as a pdf file.

The following list provides tables for each month showing the 504 Effective Rates. The tables are in .pdf format and can be opened using Adobe Acrobat reader.

Subsidy Notice

If you have questions on how 504 Effective Interest Rates are calculated, the previous Fiscal Agent prepared the following presentation containing detailed information on funding a 504 loan and how the debenture and effective interest rates are determined. The presentation is available here

An additional resource that provides details on the funding process, "From Window to Wall Street," is available here.


Approximate 504 Loan Rate Calculators

Important Note: The above calculators are approximations because Excel does not properly compute the initial, abbreviated six-month coupon of the debenture. CSA will deliver the effective rate each month.

Effective interest rates are calculated by the Central Servicing Agent after receipt of debenture pricing provided by the Fiscal Agent every month. They are posted here as soon possible and should usually be available the day prior to funding, at the latest. Twenty-year debentures are pooled and sold the first Thursday of the first full week of each month (beginning with and including Sunday). 10-year debentures are pooled and sold the first Thursday of the first full week of every other month (beginning with and including Sunday) starting with the January sale.

NOTE: Effective rates are posted on this site upon receipt from the CSA.



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Click here to view this chart as a PDF.