A new wave of “market smart” modern input subsidy schemes has emerged in sub-Saharan Africa over the past decade with the promise of increasing input use and grain yields while building or complementing private sector efforts. We study the extent to which geographic and household level targeting under Kenya’s National Accelerated Agricultural Input Access Program (NAAIAP) has remained true to its “market smart” objectives using household level panel data from before and during the initial years of program implementation (2007-2010).