NeighborWorks Accountability Act

This bill creates an independent watchdog for the Neighborhood Reinvestment Corporation (also known as NeighborWorks). It sets up an Inspector General to investigate problems, audit operations, and help prevent waste, fraud, and abuse. The bill also says the Inspector General cannot take over the corporation’s normal program work, like rating local groups or overseeing grants—that remains with the corporation itself .

It also requires the corporation’s accounts to be audited every year by an outside, independent accounting firm. These audits must follow standard auditing rules, even if the Inspector General also does other reviews. The bill allows funding as needed for the Inspector General’s office to do its job .

• Who is affected: The Neighborhood Reinvestment Corporation and groups that receive its grants, because of added oversight and annual outside audits .
• What changes: Creates an Inspector General; ensures yearly independent audits; keeps program duties with the corporation (not the Inspector General); allows funding for the Inspector General’s office .