The bill aims to enhance economic development in Washington by providing increased support for local communities to access federal funds. It recognizes the challenges faced by rural areas in securing matching dollars necessary to compete for federal funding, which is crucial for boosting local tax bases, revenue, and employment. To address this, the bill proposes the creation of a state account with matching funds, establishes scoring criteria to prioritize projects, and mandates the preparation of a template letter to assist applicants in securing federal funds. The bill also amends existing law to require the Department to regularly review grant opportunities and provide resources for applicants.

Additionally, the bill creates a new account, the Moving Assets to Create Healthy Economic Development Account, which will be used exclusively for providing matching funds for eligible projects that promote economic development in various sectors, including broadband, housing, and workforce development. The account will be funded through legislative appropriations and other directed moneys, and expenditures will only be authorized for projects that meet specific criteria, such as generating significant long-term economic benefits and not requiring ongoing state support. The Department is also tasked with reporting on the use of state matching dollars every two years, ensuring transparency and accountability in the program's implementation.

Statutes affected:
Original Bill: 43.330.088, 43.330.260
Substitute Bill: 43.330.260