NC H1008

Appropriates $40,000,000 from the General Fund to the Department of Commerce for the Rural Community Development Grant Program to help rural local governments attract business investment and reverse rural depopulation by 2024-2025 fiscal year.

Appropriates $40,000,000 from the General Fund to the Department of Commerce for the Downtown Revitalization Grant Program to help local governments and municipal service districts repurpose vacant commercial downtown space into vibrant community centers by 2024-2025 fiscal year.

Both grant programs require a 1:1 match of non-State funds for every State dollar awarded, with individual grants capped at $2,000,000 per recipient and up to 3% of funds usable for program administration.

Awards grants on competitive basis considering non-State investment amounts, projected wage and job growth, community support, and required participation in comprehensive local government development or revitalization plans.

All appropriated funds must be encumbered by December 31, 2026, and the Department must submit annual reports to the Joint Legislative Oversight Committee on Agriculture and Natural and Economic Resources by September 15 of each year.