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GAO-12-547R 1 (2012-04-26)

handle is hein.gao/gaobacfzt0001 and id is 1 raw text is: Accountability * Integrity * Reliability United States Government Accountability Office Washington, DC 20548 April 26, 2012 The Honorable Richard Durbin Chairman The Honorable Jerry Moran Ranking Member Subcommittee on Financial Services and General Government Committee on Appropriations United States Senate The Honorable Jo Ann Emerson Chairman The Honorable Jose E. Serrano Ranking Member Subcommittee on Financial Services and General Government Committee on Appropriations House of Representatives Subject: Community Development Financial Institutions and New Markets Tax Credit Programs in Metropolitan and Nonmetropolitan Areas The Riegle Community Development and Regulatory Improvement Act of 1994 created the Community Development Financial Institutions (CDFI) Fund under the Department of the Treasury to help promote access to capital and credit in underserved urban and rural communities across the country.1 The CDFI Fund carries out this mission through two primary programs: the CDFI Program and the New Markets Tax Credit (NMTC) Program. The CDFI Program awards financial and technical assistance to CDFIs for financial and development services, cash or capital reserves, operating expenses, and capacity building. CDFIs are specialized financial institutions-including community development banks and credit unions and nonregulated institutions such as loan and venture capital funds-that operate in markets underserved by traditional financial institutions. The NMTC Program, created by the Community Renewal Tax Relief Act of 2000, allocates tax credit authority (in this report, tax credits) to community development entities (CDE), which are domestic corporations or partnerships with a primary mission of serving low-income communities or low-income persons that act as GAO-12-547R Community Development 1The Riegle Community Development and Regulatory Improvement Act of 1994, Pub. L. No. 103-325, 108 Stat. 2160 (1994).

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