NC H604

Appropriates $40 million in nonrecurring funds for fiscal year 2025-2026 to create the Rural Community Development Grant Program, administered by the Rural Economic Development Division within the Department of Commerce

Appropriates an additional $40 million in nonrecurring funds for fiscal year 2025-2026 to create the Downtown Revitalization Grant Program, administered by the Department of Commerce

Individual grants under both programs are capped at $2 million, with the Rural Community Development grants requiring a 1:1 match of non-State funds

County governments, municipal governments, and municipal service district administrator entities may apply for grants to fund projects that attract business investment, promote population growth, and enhance downtown areas with amenities

Department of Commerce must submit annual reports by September 15 to the Joint Legislative Oversight Committee detailing grants awarded, and all funds remain available until June 30, 2027