Supporting the acquisition of federal funds to promote economic development.
What changed between versions
The deadline for the department to develop scoring criteria for matching funds was set to June 30, 2027.
The department must now establish a specific administrative fee, including the amount and collection method, rather than just being allowed to charge one.
The scoring criteria for awarding matching funds now explicitly require that projects be consistent with prioritized federal funds identified by the department.
The requirement for the department to develop a review process to ensure applications meet state economic development priorities was added before issuing a letter of support.
Matching funds must be fully reserved immediately upon federal approval of an application, changing from the previous requirement of reserving funds only after the applicant provided notice of withdrawal or denial.