Referred to the Committee on Financial Services, and in addition to the Committee on Oversight and Government Reform, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
The NeighborWorks Accountability Act establishes a new Inspector General position for the Neighborhood Reinvestment Corporation (NeighborWorks), a nonprofit that helps communities develop affordable housing and improve neighborhoods. The bill creates independent oversight authority to audit the organization's finances and operations, ensuring accountability in how it uses federal funds. The legislation requires that NeighborWorks undergo annual independent audits conducted by certified public accountants following standard auditing practices, while making clear that the Inspector General will handle oversight only and not take over the organization's actual program work. The bill does not specify a dollar amount for the Inspector General's budget, instead authorizing "such sums as may be necessary" for the office to operate. This change brings NeighborWorks in line with other federal agencies and corporations that already have independent inspectors general to monitor their spending and performance.
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