Bill > H994

This bill provides financial support for western North Carolina through a series of appropriations to the National Institute of Minority Economic Development (a nonprofit organization). Specifically, the bill allocates $20.3 million in nonrecurring funds for the 2025-2026 fiscal year, which will be distributed across four key areas: $300,000 to support three women's business centers in western North Carolina, the Triad, and the Piedmont regions; $5 million to Community Development Corporations (CDCs) and communities without CDCs to expand economic development services; $10 million to assist residents in western North Carolina whose primary residences were damaged by Hurricane Helene with long-term housing recovery efforts; and $5 million for the Institute Capital (I-CAP) institution's funding activities. Additionally, the bill provides $1 million in recurring funds for the same fiscal year to support housing recovery efforts in western North Carolina, provide state match funding for federal disaster-recovery requirements, and offer technical assistance and community development services in other parts of the state. The appropriations are designed to help communities recover from hurricane damage and promote economic development, with the act set to take effect on July 1, 2025.

Budget and Finance

https://www.ncleg.gov/BillLookUp/2025/H994