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.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.