WASHINGTON -- The Department of Housing and Urban and Development wants the Internal Revenue Service to issue a ruling allowing bonds to be refunded even though they already were redeemed last year when the Presidential Towers coplex in Chicago defaulted on its federally backed mortgage.

HUD underscored its "interest in the ruling request" in a recent letter to te IRS that also noted that if such a ruling were granted, HUD would "cooperate fully" with the refunding. The letter, which was sent to IRS lawyer David Selig, was signed by Albert B. Sullivan, deputy director of HUD's Office of Multifamily Housing Management.

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