Illinois.

Gov. Jim Edgar announced last week that he would seek legislative approval to increase the Illinois Housing Development Authority's bond cap.

Speaking at a statewide conference on housing, the governor said the increase was needed so the authority could continue to assist low- and moderate-income families.

According to Thomas Laue, the authority's manager of external affairs, the authority has used about $2.5 billion of its $2.7 billion tax-exempt bond cap. He added that although the increase in bonding ability was needed, the authority was still waiting to see if Congress would extend the use of tax-exempt mortgage revenue bonds.

Dan Egler, a spokesman for the governor, said a bill to increase the cap probably would be introduced in the spring session of the General Assembly, adding that the amount of the increase has not yet been determined.

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER