In the seven months since the Internal Revenue Service revamped its tribal economic development bond program to boost issuance and help spur job creation, it appears the program has yet again faltered.

Since July 2012, when the IRS announced its intent to overhaul the TEB allocation process to reallocate $1.8 billion of available bond volume cap, only nine applications totaling $233.4 million, or roughly 13%, have been awarded by the agency. The IRS could not disclose the actual number of applications approved, but the amount totaled $214.7 million.

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