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    Subject Term: "Community development"

    4 publications with a total of 7 open recommendations including 2 priority recommendations
    Director: Mctigue Jr, James R
    Phone: (202) 512-7968

    3 open recommendations
    including 2 priority recommendations
    Recommendation: The Secretary of the Treasury should issue guidance on how funding or assistance from other government programs can be combined with the NMTC including the extent to which other government funds can be used to leverage the NMTC by being included in the qualified equity investment.

    Agency: Department of the Treasury
    Status: Open
    Priority recommendation

    Comments: Although the Department of the Treasury (Treasury) has not issued guidance on how funding or assistance from other government programs can be combined with the NMTC, as GAO recommended in July 2014, it has taken steps toward addressing this action. Specifically, the Community Development Financial Institutions Fund (CDFI Fund), which administers the NMTC program, awarded a contract in September 2015 for new empirical research assessing the extent to which other government programs are being used to leverage the NMTC. CDFI officials have said that this research would help examine the various types of public support used for community development projects and assess the depth of the subsidy necessary to mitigate risk and attract new private capital to businesses located in low-income communities. As of October 2016, CDFI officials anticipate that the contract should be completed in March 2017.
    Recommendation: The Secretary of the Treasury should ensure that controls are in place to limit the risk of unnecessary duplication at the project level in funding or assistance from government programs and to limit above market rates of return, i.e., returns that are not commensurate with the NMTC investor's risk.

    Agency: Department of the Treasury
    Status: Open
    Priority recommendation

    Comments: The Community Development Financial Institutions Fund (CDFI Fund), which administers the NMTC program, has developed a plan to issue guidance to help ensure that Community Development Entities (CDE) accurately report on sources of public funds and projected internal rates of return, as GAO recommended in July 2014. In January 2016, the CDFI Fund released updated guidance that explains in more detail how CDEs should report data on the use of other public sources in financing NMTC projects. This guidance should help ensure that CDEs accurately report on sources of public funds. As of October 2016, CDFI Fund officials are also evaluating changes to guidance on how CDEs are to report different project rates of return. The CDFI Fund awarded a contract in September 2015 for new empirical research assessing the extent to which other government programs are being used to leverage the NMTC. According to CDFI officials, this research will help them to examine the various types of public support used for community development projects and assess the depth of the subsidy necessary to mitigate risk and attract new private capital to low-income communities.
    Recommendation: The Secretary of the Treasury should ensure that the Community Development Financial Institutions (CDFI) Fund reviews the disclosure sheet that CDEs are required to provide to low-income community businesses to determine whether it contains data that could be useful for the Fund to retain.

    Agency: Department of the Treasury
    Status: Open

    Comments: The Department of the Treasury (Treasury) reported that as of September 2016, the CDFI Fund had reviewed the CDE disclosure sheets provided to low-income community businesses, as GAO recommended in July 2014, and determined that useful data from the sheets were already being collected through other data-gathering tools used by the Fund. In January 2016, CDFI officials reported that they did an initial comparison of the data on the disclosure sheets to the data in the Community Investment Impact System (CIIS)which is the system CDEs use to submit reports to CDFI. Officials said they were continuing to investigate any differences between the disclosure sheets and CIIS. Officials also said that they are performing additional analysis on any new data reporting requirements to meet the requirements of the Paperwork Reduction Act, which aims to minimize the burden that agency data collections impose on the public.
    Director: Crosse, Marcia G
    Phone: (202) 512-7114

    2 open recommendations
    Recommendation: In order to reduce the administrative costs associated with a fragmented MAI grant structure that diminishes the effective use of HHS's limited HIV/AIDS funding, and to enhance services to minority populations, HHS should consolidate disparate MAI funding streams into core HIV/AIDS funding during its budget request and allocation process.

    Agency: Department of Health and Human Services
    Status: Open

    Comments: HHS stated that it does not support the consolidation of Minority AIDS Initiative (MAI)funds into core funding. As of September, 2016, we are still awaiting an update from HHS on the status of any efforts to implement this recommendation. We will update the status of this recommendation when we receive additional information.
    Recommendation: In order to reduce the administrative costs associated with a fragmented MAI grant structure that diminishes the effective use of HHS's limited HIV/AIDS funding, and to enhance services to minority populations, HHS should seek legislation to amend the Ryan White Comprehensive AIDS Resources Emergency Act of 1990 or other provisions of law, as necessary, to achieve a consolidated approach.

    Agency: Department of Health and Human Services
    Status: Open

    Comments: HHS stated that it does not support the consolidation of Minority AIDS Initiative (MAI) funds into core funding. As of September, 2016, we are still awaiting an update from HHS on the status of any efforts to implement this recommendation. We will update the status of this recommendation when we receive additional information.
    Director: Shear, William B
    Phone: (202) 512-8678

    1 open recommendations
    Recommendation: In order to demonstrate compliance across the program with the statutory limit on funds that can be used for administration, the Secretary of HUD should direct the Assistant Secretary for Community Planning and Development to develop a process for generating annual reports on compliance across the program, including making any requisite changes to IDIS to better ensure that the agency has complete and analyzable data to support such reporting.

    Agency: Department of Housing and Urban Development
    Status: Open

    Comments: In December 2016, a HUD official told us that the agency did not have the funding necessary to make any changes to IDIS. According to this official, HUD was willing to create the recommended across-program report, but did not have the information technology funding required to make other, higher-priority changes to IDIS (such as fixing identified defects) or the change GAO recommended.
    Director: White, James R
    Phone: (202)512-9039

    1 open recommendations
    Recommendation: Should the program be extended beyond 2009, to ensure that the maximum amount of capital ends up in low-income community businesses, Congress may wish to consider offering grants to CDEs that would provide the funds to low-income community businesses. If it does so, Congress may wish to require Treasury to gather appropriate data to assess whether and to what extent the grant program increases the amount of federal subsidy provided to low-income community businesses compared to the NMTC; whether the grant program otherwise affects the success of efforts to assist low-income communities; and how costs for administering the program incurred by the CDFI Fund, CDEs, and investors would change. One option may be for Congress to set aside a portion of funds to be used as grants and a portion to be used as tax credit allocation authority under the current structure of the program in a future allocation round to facilitate comparison of the two program structures.

    Agency: Congress
    Status: Open

    Comments: The Consolidated Appropriations Act of 2016 extended the NMTC through 2019 (Public Law 114-113). However, the act did not modify the program to include grants in lieu of credits, as GAO suggested in January 2010. The Joint Committee on Taxation estimates the cost of this extension to be approximately $2.6 billion. As of June 2017, Congress has not taken additional action that would address this matter for consideration.