Appropriates $40 million for 2024-25 from the General Fund to the Department of Commerce (DOC) to be allocated to the Rural Economic Development Division (REDD) and used to create the Rural Community Development Grant Program (Program). Requires the funds to be encumbered by December 31, 2026. Allows up to 3% of the funds to be used for administration of the Program. Requires the Program to provide grants to local governments to attract business investment and to promote population and revenue growth in those communities for the purpose of: (1) reversing the trend of rural depopulation and (2) transitioning those communities to “commuter towns” or “bedroom communities” that promote and sustain the growth of larger adjacent communities. Requires REDD to establish guidelines for administering the Program, including specified requirements related to the use of funds, a required local government match, and a cap on individual award amounts at $2 million. Requires a local government to demonstrate that a lack of community amenities has previously prevented it from attracting business investment and promoting the population and revenue growth necessary to stimulate job and revenue growth within the community.

Appropriates $40 million for 2024-25 from the General Fund to DOC to be used to create the Downtown Revitalization Grant Program (Revitalization Program). Requires the funds to be encumbered by December 31, 2026. Allows up to 3% of the funds to be used for administration of the Revitalization Program. Requires the Revitalization Program to provide grants to local government and municipal service districts. Requires DOC to establish guidelines for administering the Revitalization Program, including capping individual grant amounts at $2 million. Requires grants to be awarded for the purpose of transitioning and repurposing existing vacant commercial space in the downtown area of recipients into uses the Department determines are likely to enhance the overall appeal, functionality, or livability of a downtown area by attracting the people, businesses, or investment necessary to revitalize the downtown area and create a vibrant, desirable place to live, work, and visit.

Requires DOC, by September 15 of each year, to report on the activities conducted with the funds to the specified NCGA committee and division, including the specified information.

Effective July 1, 2024.