Adds new Part 3, Partnership for Successful Transition of Foster Care Youth to Adulthood, to Article 1A of GS Chapter 131D. States the General Assembly's intent. Creates the Foster Care Transitional Living Initiative Fund (Fund) to support a demonstration project with services provided by Youth Villages to (1) improve outcomes for youth ages 17‑21 years who transition from foster care through implementation of outcome-based Transitional Living Services, (2) identify cost savings in social services and juvenile and adult correction services associated with the provision of Transitional Living Services to youth aging out of foster care, and (3) take necessary steps to establish an evidence-based transitional living program available to all youth aging out of foster care. Sets out strategies that the Fund must support concerning transitional living services, public-private partnership, impact measurement and evaluation, and advancement of the evidence-based process.

Amends GS 131D-10.9A by increasing the membership of the Permanency Innovation Initiative Oversight Committee by one to include a member appointed by the Governor who is a representative from Youth Villages. Expands on the Committee's duties to include activities related to foster care youth transitioning to adulthood.

Appropriates $1.3 million for 2015-16  from the General Fund to the Department of Health and Human Services, Division of Social Services, and $1.75 million for 2016-17 for the Foster Care Transitional Living Initiative Fund for services provided by Youth Villages.