Bill > S473

This bill establishes the Capital for Communities Special Fund, a nonreverting special fund within the General Fund administered by the Office of State Budget and Management. The fund will receive quarterly transfers of 3.5% from certain state funds and investments that have a return profile of 7% or higher. These funds can only be used for specific economic development projects in North Carolina, including creating affordable housing, child care centers, specialized healthcare facilities, supporting medical research, workforce development, creating jobs with living wages, and building nonprofit education facilities. The State Treasurer will be responsible for making these quarterly transfers, and the funds can be administered by other state agencies as needed. The bill specifies that the fund will earn interest and investment earnings, which will be credited back to the fund. The legislation becomes effective immediately and will apply to the next state fiscal quarter after its enactment.

Budget and Finance

https://www.ncleg.gov/BillLookUp/2025/S473