A BILL TO BE ENTITLED
AN ACT to appropriate funds for the north carolina minority support center to further a statewide program of lending for homeownership and wealth creation in disadvantaged communities.
Whereas, the North Carolina Minority Support Center has been recognized as a national and international model for creating banking opportunities for the unbanked and for individuals in low-wealth communities; and
Whereas, the North Carolina Minority Support Center has been certified a Community Development Financial Institution (CDFI) by the United States Treasury Department and has leveraged federal funding in excess of $7,000,000 to serve disadvantaged communities; and
Whereas, the North Carolina Minority Support Center was featured in the 2004 Ford Foundation Annual Report, and one of its members was recognized by The White House Partnership for Prosperity, the United States Treasury Department, and the World Council of Credit Unions; and
Whereas, the North Carolina Minority Support Center provides assistance to the seven branch offices of the Generations Community Credit Union and to the five branch offices of the Latino Community Credit Union; and
Whereas, 75% of the Generations and Latino Community Credit Union members are low‑income and did not have a bank account at a traditional financial institution prior to joining a credit union; and
Whereas, the North Carolina Minority Support Center and its affiliates aim to reduce predatory practices in vulnerable communities by providing financial services to over 60,000 people across the State; and
Whereas, since 1991, the North Carolina Minority Support Center and its affiliates have been working to reduce crime and community decay through secure banking, homes, jobs, and wealth creation; and
Whereas, the State values and supports the diverse minority communities served by the North Carolina Minority Support Center for their significant contributions to the State's economy, particularly in the area of economic development; and
Whereas, the larger minority communities in the State, African‑American, Latino/Hispanic Americans, Native Americans, and Asian‑Americans, have a total buying power of over $47,000,000,000, and it is expected to grow to over more than $69,000,000,000 in the next five years; and
Whereas, more than 953,000 minority citizens over the age of 16 are members of the State's labor force, and that number is projected to exceed 2.4 million by the year 2009; and
Whereas, there are over 61,000 minority-owned businesses in the State, and they employ more than 73,000 people and generate over $6,700,000,000 in revenue; and
Whereas, more than 1,200 jobs in the State have been created through business loans; and
Whereas, more than 500 people each year have benefited from access to bilingual financial counseling and financial literacy education; and
Whereas, a $5,000,000 investment in the North Carolina Minority Support Center will be leveraged on a 10‑to‑1 basis and create 1,000 new homeowners; Now, therefore,
The General Assembly of North Carolina enacts:
SECTION 1.  There is appropriated from the General Fund to the Department of Commerce the sum of five million dollars ($5,000,000) for the 2005‑2006 fiscal year for the North Carolina Minority Support Center. The Center shall allocate two million five hundred thousand dollars ($2,500,000) to the Generations Community Credit Union and two million five hundred thousand dollars ($2,500,000) to the Latino Community Credit Union. These funds shall be matched on the basis of one dollar ($1.00) of State funds to every ten dollars ($10.00) of non‑State funds, and will be loaned to low‑income communities.
SECTION 2.  This act becomes effective July 1, 2005.