Capital for Communities Act.

GENERAL ASSEMBLY OF NORTH CAROLINA
SESSION 2025
S 1
SENATE BILL 473

Short Title: Capital for Communities Act. (Public)
Sponsors: Senators Chitlik and Theodros (Primary Sponsors).
Referred to: Rules and Operations of the Senate
March 25, 2025
*S473-v-1*
A BILL TO BE ENTITLED 1
AN ACT CREATING THE CAPITAL FOR COMMUNITIES SPECIAL FUND. 2
The General Assembly of North Carolina enacts: 3
SECTION 1. Article 9 of Chapter 143C of the General Statutes is amended by adding 4
a new section to read: 5
"§ 143C-9-11. Capital for Communities Special Fund. 6
(a) Creation. – The Capital for Communities Special Fund is established as a 7
nonreverting special fund in the General Fund to be administered by the Office of State Budget 8
and Management to carry out the provisions of this section. Appropriations from the Fund may 9
be administered by other State agencies as deemed necessary by the Office of State Budget and 10
Management. Interest and investment earnings received on monies in the Fund shall be credited 11
to the Fund. 12
(b) Source of Funds. – Transfers shall be made to the Capital for Communities Special 13
Fund in accordance with G.S. 147-69.4A. 14
(c) Use of Funds. – Funds in the Capital for Communities Special Fund shall be utilized 15
solely for the purpose of economic development projects occurring within the State , including 16
the awarding of grants for a project, that fall into one or more of the following categories: 17
(1) Creation of affordable housing. 18
(2) Creation of child care centers or schools. 19
(3) Creation of specialized ambulatory care facilities designed specifically to 20
reduce a healthcare disparity or shortage, such as a birth center. 21
(4) Support and furtherance of groundbreaking medical research. 22
(5) Workforce development. 23
(6) Creation of jobs that offer a living wage no less than the median salary of a 24
teacher in this State. 25
(7) Building a nonprofit education facility." 26
SECTION 2. Article 6 of Chapter 147 of the General Statutes is amended by adding 27
a new section to read: 28
"§ 147-69.4A. Transfers to the Capital for Communities Special Fund. 29
(a) Funding for Capital for Communities Special Fund. – Notwithstanding any provision 30
of law to the contrary, and to the extent permitted under federal law, the State Treasurer shall 31
transfer a portion of the funds specified in this section to the Capital for Communities Special 32
Fund, as provided for under G.S. 143C-9-11. Transfers shall be made on a quarterly basis. 33
(b) Funds Subject to this Section. – All of the following shall be subject to transfer under 34
this section in any given quarter, provided that for the previous quarter the fund or investment 35
account had a return profile of seven percent (7%) or higher: 36
General Assembly Of North Carolina Session 2025
Page 2 Senate Bill 473-First Edition
(1) All funds held by the State Treasurer. 1
(2) All investments of special funds under G.S. 147-69.1, 147 -69.2, and 2
147-69.2A. 3
(c) Portion of Funds Subject to Transfer. – For each quarter of the State fiscal year, three 4
and one-half percent (3.5%) of the total of each of the funds subject to this section shall be 5
transferred to the Capital for Communities Special Fund." 6
SECTION 3. This act is effective when it becomes law and applies to the next State 7
fiscal quarter on or after that date. 8