NC S473

Creates the Capital for Communities Special Fund as a nonreverting special fund administered by the Office of State Budget and Management

Funds may only be used for economic development projects including: affordable housing, child care centers or schools, specialized ambulatory care facilities addressing healthcare disparities, groundbreaking medical research, workforce development, job creation paying at least the median teacher salary, and nonprofit education facilities

Requires the State Treasurer to transfer 3.5% quarterly from state funds and investment accounts that achieved 7% or higher returns in the previous quarter

Applies to all funds held by the State Treasurer and special fund investments under G.S. 147-69.1, 147-69.2, and 147-69.2A

Takes effect upon becoming law and applies beginning the next state fiscal quarter