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Economic Development (141 - 150 of 3,034 items)
Characteristics and Performance of Nonprime Mortgages
GAO-09-848R: Published: Jul 28, 2009. Publicly Released: Jul 28, 2009.
During the first part of this decade, the number of mortgage originations grew rapidly, particularly in the nonprime segment of the mortgage market, which includes subprime and Alt-A loans. In dollar terms, nonprime loans accounted for an increasing share of the overall mortgage market, rising from 12 percent in 2000 to 34 percent in 2006. Over this period, the dollar volume of nonprime mortgages...
Emergency Communications: Vulnerabilities Remain and Limited Collaboration and Monitoring Hamper Federal Efforts
GAO-09-604: Published: Jun 26, 2009. Publicly Released: Jul 27, 2009.
Emergency communications breakdowns undermined response efforts during terrorist attacks in 2001 and Hurricane Katrina in 2005. In response, federal agencies like the Department of Homeland Security (DHS) and Federal Communications Commission (FCC) have increased efforts to enhance emergency communications. This requested report identifies (1) vulnerabilities, if any, to emergency communications s...
Gulf Coast Disaster Recovery: Community Development Block Grant Program Guidance to States Needs to Be Improved
GAO-09-541: Published: Jun 19, 2009. Publicly Released: Jul 20, 2009.
Almost 4 years after the 2005 Gulf Coast hurricanes, the region continues to face daunting rebuilding challenges. To date, $19.7 billion in Community Development Block Grant (CDBG) funds have been appropriated for Gulf Coast rebuilding assistance--the largest amount in the history of the program. GAO was asked to report on (1) how Louisiana and Mississippi allocated their shares of CDBG funds, (2)...
Disaster Assistance: Greater Coordination and an Evaluation of Programs' Outcomes Could Improve Disaster Case Management
GAO-09-561: Published: Jul 8, 2009. Publicly Released: Jul 20, 2009.
As a result of the unprecedented damage caused by Hurricanes Katrina and Rita in 2005, the federal government, for the first time, funded several disaster case management programs. These programs help victims access services for disaster-related needs. GAO was asked to review (1) steps the federal government took to support disaster case management programs after the hurricanes, (2) the extent to...
Army Corps of Engineers: Recent Changes Have Reduced the Use of Continuing Contracts, but Management Processes Need to Be Improved
GAO-09-552: Published: Jun 22, 2009. Publicly Released: Jun 22, 2009.
The U.S. Army Corps of Engineers (Corps) has had the authority to award multiyear contracts--continuing contracts--without having received appropriations to cover the full contract amount. In 2006, Congress limited the Corps' use of such contracts by prohibiting obligations made in advance of appropriations. In response, the Corps developed a new clause that stopped work once funding for a fiscal...
Hurricanes Gustav and Ike Disaster Assistance: FEMA Strengthened Its Fraud Prevention Controls, but Customer Service Needs Improvement
GAO-09-671: Published: Jun 19, 2009. Publicly Released: Jun 19, 2009.
GAO's previous work on Hurricanes Katrina and Rita identified fraud, waste, and abuse resulting from a lack of fraud-prevention controls within the Federal Emergency Management Agency's (FEMA) assistance programs. For example, FEMA did not verify the identities or addresses of individuals applying for aid under its Individuals and Households Program (IHP). FEMA also did not verify the eligibility...
New Markets Tax Credit: Minority Entities Are Less Successful in Obtaining Awards Than Non-Minority Entities
GAO-09-795T: Published: Jun 18, 2009. Publicly Released: Jun 18, 2009.
The Community Development Financial Institutions (CDFI) Fund in the Department of the Treasury has awarded $21 billion of the $26 billion in New Markets Tax Credits (NMTC) authorized to be awarded to Community Development Entities (CDE) between 2001 and 2009. CDEs use the NMTC to make qualified investments in low-income communities. Recent congressional interest has focused on participation by min...
U.S. and Canadian Governments Have Established Mechanisms to Monitor Compliance with the 2006 Softwood Lumber Agreement but Face Operational Challenges
GAO-09-764R: Published: Jun 18, 2009. Publicly Released: Jun 18, 2009.
The United States and Canada have been involved in a long-standing dispute regarding the softwood lumber trade. Canada is the primary exporter of softwood lumber to the United States. In 2008, Canada exported approximately $3.2 billion worth of softwood lumber products to the United States, about 17 times the amount supplied by the next biggest exporter to the United States. After several years of...
Public Transportation: New Starts Program Challenges and Preliminary Observations on Expediting Project Development
GAO-09-763T: Published: Jun 3, 2009. Publicly Released: Jun 3, 2009.
The New Starts program is an important source of new capital investment in mass transportation. As required by the Safe, Accountable, Flexible, Efficient Transportation Equity Act: A Legacy for Users, the Federal Transit Administration (FTA) must prioritize transit projects for funding by evaluating, rating, and recommending projects on the basis of specific financial commitment and project justif...
New Markets Tax Credit: Minority Entities Are Less Successful in Obtaining Awards Than Non-Minority Entitities
GAO-09-536: Published: Apr 30, 2009. Publicly Released: Jun 1, 2009.
The Community Development Financial Institutions (CDFI) Fund in the Department of the Treasury has awarded $19.5 billion of the $26 billion in New Markets Tax Credits (NMTC) it is authorized to award through 2009 to encourage investment in low-income communities. The NMTC allows investors to claim a tax credit in exchange for investing in Community Development Entities (CDE) that reinvest the fund...