WASHINGTON -- The Internal Revenue Service has refused to give the Riverside County Housing Authority more time to rebate $2.25 million of arbitrage profits on its $17.5 million Whitewater Gardens multifamily housing back box deal.

But the IRS granted two-week extensions, to June 28, for two other deals -- a $13 million Ironwood multifamily housing deal that was done for the authority in 1985 and a $29.29 million governmental improvement bond issue that was sold for the city of Galt, Calif., in 1986.

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