Establishes the Capital for Communities Special Fund to support economic development projects.
The Capital for Communities Act creates a special fund to support economic development projects in North Carolina. The fund will receive quarterly transfers of 3.5% from certain state funds and investments with a return profile of 7% or higher. The Capital for Communities Special Fund will support projects in affordable housing, child care centers, specialized ambulatory care facilities, medical research, workforce development, and job creation. The fund will be administered by the Office of State Budget and Management.
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