Promotes economic development by increasing support for local communities to access federal funds.
The bill establishes a fund to provide matching dollars for local communities to secure federal economic development funds. It creates a new account in the state treasurer's custody, funded by appropriations and transfers. The Department of Commerce must develop an inventory of federal grant opportunities and provide a resource guide for applicants. The bill also establishes a grant program to support local communities in applying for federal funds, with priority given to distressed areas.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
Analyze for Free
See what it does, who it affects, and the critical issues in plain language. Free, 30 seconds.