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GAO-12-938R 1 (2012-09-14)

handle is hein.gao/gaobacgnf0001 and id is 1 raw text is: GAO Accounftability * Integrity - Reliability United States Government Accountability Office Washington, DC 20548 September 14, 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 Chairwoman The Honorable Jose E. Serrano Ranking Member Subcommittee on Financial Services and General Government Committee on Appropriations House of Representatives The Honorable Emanuel Cleaver, II Chairman Congressional Black Caucus House of Representatives Subject: The Distribution of Federal Economic Development Grants to Communities with High Rates of Poverty and Unemployment For decades the nation has faced the challenge of revitalizing its most economically distressed communities, which suffer from high levels of poverty and joblessness. To help poor communities, Congress appropriated $6.2 billion in fiscal year 2010 for community and economic development programs, largely in the form of grants, loan guarantees, and direct loans. In a 2011 report, we identified 80 programs that make funding available to communities to enhance local economic activity.1 These activities include, but are not limited to, planning and developing strategies for job creation and retention, developing new markets for existing products, building infrastructure to attract industry to undeveloped areas, rehabilitating dilapidated housing, and establishing business incubators to provide facilities for new businesses' operations, among others. But the extent to which federal economic development grant support is aligned with local economic conditions is less clear. 1GAO, Economic Development Programs: Efficiency and Effectiveness of Fragmented Economic Development Programs Are Unclear, GAO-1 1-477R (Washington, D.C.: May 19, 2011). See enclosure IV for a list of related GAO reports. GAO-1 2-938R

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