The Government Accountability Office (GAO) has released a new report that addresses the use of new markets tax credits (NMTC) in both metropolitan and non-metropolitan areas. The GAO found that the NMTC program’s policies and procedures help ensure that awards and allocations are, in general, proportionate to the number of qualified applicants that serve metropolitan and non-metropolitan areas. From fiscal years 2004 through 2010, CDFI Program awards for recipients serving primarily non-metropolitan areas were proportional to the number of qualified applicants that served those areas in every year except 2008.
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