The Internal Revenue Service published a notice yesterday showing the additional amount of tax-exempt housing bonds that each state and territory can issue under the $11 billion of extra private activity bond volume cap for housing that was authorized by Congress in legislation enacted July 30.

The notice provides guidance for complying with the new law's provisions and also clarifies that new authority allowing the 12 Federal Home Loan Banks to extend letters of credit for tax-exempt financings applies to refunding, as well as, new bonds.

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