Identical to S 542, and filed on 3/25/25.

Appropriates $20.3 million for 2025-26 from the General Fund to the National Institute of Minority Economic Development, Inc. (Institute) to be used in the specified amounts for (1): programming support for three women's business centers providing technical support and capacity building in western North Carolina, the Triad, and the Piedmont, (2) Community Development Corporations (CDC), and to communities without CDCs, to expand community economic development services, (3) assist residents in western North Carolina whose primary residence was damaged because of Hurricane Helene with long-term residential housing recovery efforts, and (4) the Institute Capital (I-CAP) institution for funding activities in the State. 

Appropriates $1 million in recurring funds for 2025-26 from the General Fund the Institute to: (1) assist with housing recovery efforts in western North Carolina, (2) provide State match funding for federal disaster-recovery State match requirements, and (3) provide technical assistance and community development services in other parts of the State.

Effective July 1, 2025.