Test-score data show that both low-income and racial-minority children score lower, on average, on states' elementary-school accountability tests compared with higher-income children or white children. This report explores the relationship between racial and socioeconomic test-score gaps in New England metropolitan areas and two factors associated with unequal opportunity in education: state equalizing school-aid formulas and geographic segregation of low-income students. The report first explores the degree to which state school aid is progressive, that is, distributed disproportionately to districts with high fractions of students living in poverty; more progressive distributions are associated with smaller test-score gaps in high-poverty metropolitan areas. The second factor explored is poverty segregation; test-score gaps are larger in metropolitan areas where, compared with white children or higher-income children, minority children or low-income children go to school with, or are in school districts with, more students from low-income families. States can alter either or both of these factors via policy changes. States set the terms--and thereby the progressivity--of school-aid policy. Statewide affordable housing policies, such as those in Massachusetts and Rhode Island, if applied more comprehensively, might reduce concentrations of poverty and provide more low-income families access to the higher-quality schools in low-poverty suburban districts.