The program manager of a federal tax credit program is the former employee of an organization that has received more than a half-billion dollars from that same tax credit program.
Christopher Allison is the Program Manager for the New Markets Tax Credit (NMTC) Program at the Community Development Financial Institutions Fund (CDFI Fund). Allison used to work for Self-Help Ventures Fund, an affiliate of Durham, NC-based Self-Help Credit Union.
Both Self-Help Ventures Fund and Self-Help Credit Union have received over $502 million from the CDFI Fund.
In his current role at the CDFI Fund, Allison has been instrumental in developing NMTC application materials, implementing the evaluation process and making recommendations for tax credit allocations.
The fund, led by CEO Martin Eakes, focuses on providing equity investments through programs like the NMTC, which have attracted private capital to low-income areas.
The impact of Self-Help Ventures Fund's financial backing cannot be understated. Since its establishment in 1984, it has been pivotal in offering higher-risk business loans, real estate development financing and support for the home loan secondary market.
When contacted for comment, Allison did not respond to Federal Newswire.
However, a communications representative for the CDFI Fund defended the agency's practices, referencing safeguards against conflicts of interest in regard to questions of potential conflicts of interest over Allison’s former role with Self-Help Ventures Fund.
The CDFI Fund communications staff highlighted the NMTC Program's multi-level competitive application review process and assured that adequate internal controls, compliance monitoring, and evaluation processes are in place to prevent conflicts and directed attention to publicly available documents on the CDFI Fund's website including those reiterating the fund’s commitment to transparency and integrity in the New Markets Tax Credit (NMTC) application process.
Including a document outlining that each reviewer is screened for potential conflicts of interest with applicants and is required to disclose any conflicts, signing a certification to that effect.
The CDFI Fund provided documentation on comprehensive compliance monitoring and evaluation procedures noting the fund also has a “Service Request” function that facilitates communication between those allocated and CDFI Fund staff, allowing for efficient tracking of inquiries and issues.
Earlier this year, the Durham Reporter submitted a Freedom of Information Act request for detailed information from the U.S. Treasury on the financial intermediaries benefiting from these substantial federal investments between 2004 and 2020.
This inquiry sought to clarify the allocation of funds and their impact, particularly as Self-Help Ventures Fund continues to leverage hundreds of millions in federal dollars to support its mission.
