CDFI Fund Reports Progress On NMTC Allocation Tracking, Compliance Monitoring System

摘要

The Community Development Financial Institutions (CDFI) Fund has made progress in working with the Internal Revenue Service to develop a New Markets tax credit (NMTC) allocation tracking and compliance monitoring system recommended by the General Accounting Office (GAO), according to Wayne Abernathy, Treasury assistant secretary for financial institutions. In its first audit of the NMTC program, the GAO recommended that the CDFI Fund and IRS develop plans, including timelines and milestones, for designing and implementing a compliance monitoring process. Abernathy discussed the status of the effort during a March 17 House VA/HUD appropriations subcommittee hearing on the CDFI Fund's fiscal 2005 budget request. (For background, see Current Developments, Vol. 32, No. CD-4, p. 112.)