The Community Development Financial Institutions Fund (CDFI Fund) recently released a study conducted by the Government Accountability Office (GAO) that found that the CDFI and New Markets Tax Credit (NMTC) Programs were meeting goals set for proportionally awarding organizations that serve rural areas. While the programs awarded the majority of funds and tax credits to recipients that served metropolitan areas, both generally met their proportionality goals with regard to ensuring assistance to nonmetropolitan areas. The GAO study also found that the NMTC Program has successfully implemented the provisions of the Tax Relief and Health Care Act of 2006, a requirement for the NMTC Program that nonmetropolitan counties receive a proportional allocation of qualified equity investments.
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