A BILL TO BE ENTITLED
AN ACT to appropriate funds to community institutions to assist small farmers and rural landowners, support economic development activities in minority neighborhoods and communities, assist minority and women‑owned businesses, and Provide access to affordable finance services and asset building opportunities statewide.
The General Assembly of North Carolina enacts:
SECTION 1.  There is appropriated from the General Fund to the Department of Commerce the sum of three hundred fifty thousand dollars ($350,000) for the 2007‑2008 fiscal year to be allocated to the Land Loss Prevention Project for the purpose of: (i) continuing expansion of legal representation to financially distressed small farmers and to rural landowners in underserved tobacco dependent communities; and (ii) providing funding for the Black Family Land Trust.  The Land Loss Prevention Project shall not use these funds to represent farmers who have income and assets that would make them financially ineligible for legal services under Part 1611 of Title 45 of the U. S. Code of Federal Regulations.
SECTION 2.  There is appropriated from the General Fund to the Department of Commerce the sum of seven hundred thousand dollars ($700,000) for the 2007‑2008 fiscal year and the sum of seven hundred thousand dollars ($700,000) for the 2008‑2009 fiscal year to be allocated to the North Carolina Association of Community Development Corporations, Inc., to increase the current budget for the purpose of strengthening the State's economy through community‑based development activities, including enhancing the work of community development corporations in building prosperous communities.
SECTION 3.(a)  There is appropriated from the General Fund to the Department of Commerce the sum of three million dollars ($3,000,000) for the 2007‑2008 fiscal year and the sum of three million dollars ($3,000,000) for the 2008‑2009 fiscal year to be allocated to the North Carolina Community Development Initiative, Inc., to increase the current budget for grants, loans, technical assistance, and administration dedicated statewide for community economic development projects.
SECTION 3.(b)  There is appropriated from the General Fund to the Department of Commerce the sum of four million dollars ($4,000,000) for the 2007‑2008 fiscal year to be allocated to the North Carolina Community Development Initiative, Inc., to increase the current budget to leverage and secure private sector investments into Initiative Capital, the Initiative's lending subsidiary.
SECTION 4.  There is appropriated from the General Fund to the Department of Commerce the sum of one million dollars ($1,000,000) for the 2007‑2008 fiscal year and the sum of one million dollars ($1,000,000) for the 2008‑2009 fiscal year to be allocated to the North Carolina Institute for Minority Economic Development to increase the current budget for technical assistance, training, loans, grants, and administration in economic development projects and statewide initiatives.
SECTION 5.(a)  There is appropriated from the General Fund to the Department of Commerce the sum of one million dollars ($1,000,000) for the 2007‑2008 fiscal year and the sum of one million dollars ($1,000,000) for the 2008‑2009 fiscal year to be allocated to the North Carolina Minority Support Center to increase the current budget for operating expenses, programs, technical assistance and financial support for products and services that benefit members of Community Development Credit Unions throughout the State.
SECTION 5.(b)  There is appropriated from the General Fund to the Department of Commerce the sum of five million dollars ($5,000,000) for the 2007‑2008 fiscal year to be allocated to the North Carolina Minority Support Center for the purpose of making program and capacity grants through a competitive grants process to Generations Community Credit Union, Latino Community Credit Union, and First Legacy Federal Credit Union to increase consumer access to affordable financial services through branch location, expansion, and technological innovation.
SECTION 6.  This act becomes effective July 1, 2007.