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    Results:

    Subject Term: "Public funds"

    2 publications with a total of 3 open recommendations including 2 priority recommendations
    Director: Mctigue Jr, James R
    Phone: (202) 512-7968

    2 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 New Markets Tax Credit (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. The findings of this research (issued in August 2017) indicate that some NMTC projects, especially those using other government funds to leverage the NMTC, potentially received more government funds than needed to close a financing gap. The report recommended that Treasury further evaluate the use of other public funds, specifically combinations of federal and state NMTCs. Treasury guidance on how other public funds may be leveraged and combined with NMTC could help ensure that low-income community projects do not receive more government assistance than required to finance a project.
    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 New Markets Tax Credit (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. The updated guidance should help ensure that CDEs accurately report on sources of public funds. 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. The report on this research (issued in August 2017) found that NMTC projects using the leveraged structure described in GAO's July 2014 report were more likely to receive higher-than-expected rates of public funding. The report cautioned, however, that limits on the use of leveraged structures could have significant effects on the types of NMTC projects financed, and that some projects in highly distressed communities may need more public funding to attract private investment. The report recommended that the CDFI Fund conduct further research on the relationship between distress and the depth of public funding, and develop tools to help CDEs better evaluate appropriate levels of public funding in their NMTC projects. Additional research will help inform further analysis on the need for any controls to limit rates of return and unnecessary duplication with other public sources, as detailed in GAO's July 2014 report.
    Director: Brown, Kay E
    Phone: (202) 512-7215

    1 open recommendations
    Recommendation: To provide the basis for greater consistency across states in assessing elder justice service delivery, the Secretary of HHS, as chairman of the Elder Justice Coordinating Council, should direct the Council to make it a priority to identify common objectives for the federal elder justice effort and define common outcomes.

    Agency: Department of Health and Human Services
    Status: Open

    Comments: HHS agreed with this recommendation and noted the formation of the Elder Justice Coordinating Council (EJCC) as an effort to develop common objectives and plans for action to address elder justice issues. As of June 2014, the EJCC had developed eight recommendations for increased federal leadership in combating elder abuse based on input from elder justice experts in financial exploitation, public policy and awareness, enhancing response, and advancing research. Staff compiled information on best and promising practices for primary, secondary, and tertiary prevention; empirical evidence from peer-reviewed research; approaches used in related disciplines; and information about where gaps exist in the collective knowledge about elder abuse, neglect and exploitation. Staff then turned the suggestions into proposals with accompanying steps for federal action. Those proposals were subsequently presented at two public EJCC meetings (May and September 2013) and were made available for public review and comment. The Secretary of HHS formally accepted the recommendations in May 2014, and they were posted to the EJCC page of the Administration on Aging's website. In May 2015, HHS reported that the EJCC had published these recommendations in a document entitled "Eight (8)Recommendations for Increased Federal Involvement in Addressing Elder Abuse, Neglect, and Exploitation" and stated that the recommendations addressed the issues identified in GAO's recommendation. While we recognized that these 8 recommendations corresponded to the common objectives included in our recommendation, we also sought from HHS information on the status of common outcomes for the objectives. HHS reported that outcomes for the eight common objectives that the EJCC has approved were being discussed, but have not yet been approved. In March 2016,HHS reported that the EJCC's Elder Justice Working Group continued to gather and discuss action steps and outcomes for the eight recommendations. We will monitor the EJCC's progress in agreeing upon outcomes and close the recommendation when agreement on outcomes is reported.