PK Companies closed the first rural development (RD) portfolio bond transaction in Michigan in December 2020. This was the culmination of a 7 year effort for PK. PK had acquired a portfolio of 10 properties with 384 apartment homes, which were in need of a renovation. Through our networking with other RD developers around the country, we discovered a structure through which a portfolio of RD properties would be closed simultaneously, with one tax-exempt bond issuance. This is the most efficient way to renovate a large number of RD-financed apartments, in lieu of pursuing individual 9% tax credit awards for each property. The effort would require extensive work with the national office of RD to secure new RD 515 loan funds which are very scarce. Through our efforts, and after several years of extensive work with the RD national office, PK was able to secure the new funding needed. The renovations are expected to be completed by the fall of 2022.