Summary

Creates and funds an independent Office of Inspector General (OIG) for the Neighborhood Reinvestment Corporation and requires annual independent external audits by certified public accountants following generally accepted auditing standards. It also authorizes appropriations “such sums as may be necessary” for the new OIG and explicitly bars shifting the corporation’s program operating or oversight duties to that OIG.

• Authorizes creation of an independent Office of Inspector General for the Neighborhood Reinvestment Corporation.
• Provides an appropriations authorization of “such sums as may be necessary” for the new OIG (authorization only).
• Requires annual independent external audits performed by independent certified public accountants under generally accepted auditing standards.
• Clarifies independent external audits are required even if the OIG performs audit work.
• Prohibits assigning the corporation’s program operating or grantee-oversight duties to the OIG.
• Amends existing federal statutes to add the OIG and revise audit requirements.
• Does not itself appropriate funds or change substantive program authorities beyond oversight and audit rules.
• Likely increases external audit and oversight costs for the corporation and creates new OIG staffing/administrative needs.