Bill Summary for H 434 (2023-2024)

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Summary date: 

Mar 22 2023

Bill Information:

View NCGA Bill Details2023-2024 Session
House Bill 434 (Public) Filed Wednesday, March 22, 2023
AN ACT TO APPROPRIATE FUNDS TO THE NATIONAL INSTITUTE OF MINORITY ECONOMIC DEVELOPMENT TO SUPPORT ECONOMIC AND EDUCATIONAL DEVELOPMENT FOR WOMEN- AND MINORITY-OWNED BUSINESSES IN THE STATE.
Intro. by Hawkins, T. Brown, Saine.

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Bill summary

Appropriates the sum of $3 million from the General Fund to the National Institute of Minority Economic Development (Institute) in recurring funds for the 2023-2024 fiscal year to be used to (1) provide community assessments and data and technical assistance to minority- and women-owned businesses in the State; (2) to provide funding for affordable housing, minority- and women-owned businesses, community facilities, HBCU loans and grants, and technical assistance to women and minorities in the State; (3) to provide support to existing community development corporations in the State; and (4) to provide support for affordable housing, economic development, and community revitalization in communities in the State without an existing community development corporation. Appropriates the sum of $11 million from the General Fund to the Institute in nonrecurring funds for the 2023-2024 fiscal year to be used as follows: (1) $2.5 million to expand business incubation services in eastern North Carolina; (2) $2.5 million to acquire and renovate a facility to be used as a community and business education facility; (3) $1 million to expand community economic development services throughout the State; (4) $4 million for the Institute's Community Development Financial Institution Fund to provide funding for affordable housing, minority- and women-owned businesses, community facilities, minority farmers, HBCU low-interest loans, and technical assistance to  historically underutilized businesses in the State; and (5) $1 million to be used as a match for a Partners In Equitable & Resilient Communities grant from the Melville Charitable Trust for disruptive community economic development activities. Effective July 1, 2023.