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NeighborWorks Accountability Act
To establish an Inspector General of the Neighborhood Reinvestment Corporation, and for other purposes.
Summary
This Act establishes an Inspector General for the Neighborhood Reinvestment Corporation, a federal agency that supports community development and affordable housing. The bill authorizes appropriations for the Inspector General's office while specifying that the Inspector General will not assume the corporation's program operations. The Act also requires annual independent audits of the corporation's accounts conducted by certified public accountants in accordance with generally accepted auditing standards.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
- Sen. Hagerty, Bill [R-TN] (R-TN)
Actions (2)
- Jul 28, 2025 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. · senate
- Jul 28, 2025 Introduced in Senate
Similar bills (6)
Bills with similar text or summary — includes reintroductions across Congresses. Ranked by semantic similarity of the bill text (computed locally); a neutral discovery aid, not a claim the bills are duplicates.
Full text
IN THE SENATE OF THE UNITED STATES
July 28, 2025
Mr. Hagerty introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs
A BILL
To establish an Inspector General of the Neighborhood Reinvestment Corporation, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the “NeighborWorks Accountability Act”.
SEC. 2. AUTHORIZATION OF INSPECTOR GENERAL OF THE NEIGHBORHOOD REINVESTMENT CORPORATION.
(a) In General.—Section 415(a)(1)(A) of title 5, United States Code, is amended by inserting “the Neighborhood Reinvestment Corporation,” after “the Postal Regulatory Commission,”.
(b) Duties and Audits.—The Neighborhood Reinvestment Corporation Act (42 U.S.C. 8101 et seq.) is amended—
(1) in section 606 (42 U.S.C. 8105), by adding at the end the following:
“(e)(1) There is authorized to be appropriated to the Office of Inspector General of the corporation established under section 415 of title 5, United States Code, such sums as may be necessary to carry out this Act.
“(2) There shall not be transferred to the Office of Inspector General of the corporation any program operating responsibilities of the corporation, including the organizational assessments work and grantee oversight function of the corporation.”.
(c) Independent Audit.—Section 607 of the Neighborhood Reinvestment Corporation Act (42 U.S.C. 8106) is amended by striking subsection (b) and inserting following:
“(b)(1) The accounts of the corporation shall be audited annually by an independent external auditor.
“(2) Notwithstanding any other audit work performed by the Office of Inspector General of the corporation, the audits required under paragraph (1) shall be conducted in accordance with generally accepted auditing standards by independent certified public accountants who are certified by a regulatory authority of the jurisdiction in which the audit is undertaken.”. <all>
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