NC H434

Appropriates $3,000,000 in recurring General Fund money to the National Institute of Minority Economic Development for the 2023-2024 fiscal year to provide community assessments, technical assistance, and support for minority- and women-owned businesses and community development corporations.

Appropriates $11,000,000 in nonrecurring General Fund money for the 2023-2024 fiscal year allocated as follows: $2,500,000 to expand business incubation services in eastern North Carolina by acquiring and upfitting a facility in Rocky Mount; $2,500,000 to acquire and renovate a community and business education facility; and $1,000,000 to expand community economic development services statewide.

Allocates $4,000,000 to the Institute's Community Development Financial Institution Fund to provide funding for affordable housing, minority- and women-owned businesses, community facilities, minority farmers, HBCU low-interest loans, and technical assistance to historically underutilized businesses.

Allocates $1,000,000 to serve as a match for a Partners In Equitable & Resilient Communities grant from the Melville Charitable Trust for disruptive community economic development activities.

Section 1 becomes effective July 1, 2023; remaining provisions become effective upon enactment.