S. 2484 – NeighborWorks Accountability Act

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Updated November 23, 2025 at 11:10 PM UTC

The NeighborWorks Accountability Act establishes an Inspector General for the Neighborhood Reinvestment Corporation to provide independent oversight. It authorizes funding for the IG office while keeping the corporation’s program functions separate, and it mandates annual external audits of the corporation’s accounts by certified public accountants.

Key Provisions

Creates an Office of Inspector General (IG) for the Neighborhood Reinvestment Corporation (NRC).
Amends the law to allow federal funds to be appropriated for the NRC IG’s operations.
Specifies that the IG will not take over any of the NRC’s program duties, such as assessments or grantee oversight.
Requires the NRC’s financial statements to be audited each year by an independent certified public accountant, following generally accepted auditing standards.

Legislative Activity

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1 earlier action

SenateIntro Referral Latest Action

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Banking, Housing, and Urban Affairs Committee

July 28, 2025

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SenateIntro Referral

Introduced in Senate

July 28, 2025

SenateIntro Referral

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Banking, Housing, and Urban Affairs Committee

July 28, 2025

Bill Text

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Introduced in SenateIssued July 28, 2025

II

119th CONGRESS

1st Session

S. 2484

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.

1.

Short title

This Act may be cited as the NeighborWorks Accountability Act.

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.

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(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.

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