The bill aims to enhance Washington state's ability to access federal funds for economic development by establishing a structured program that prioritizes matching funds for local communities. It introduces a new section that mandates the Department of Commerce to create scoring criteria for awarding matching funds, which will be based on the economic impact of projects, alignment with state priorities, and the potential for job creation. The bill also encourages the department to solicit private donations and reallocate unspent program funds to support this initiative. Additionally, it establishes a new account, the "moving assets to create healthy economic development account," to manage the funds designated for matching federal grants.

Furthermore, the bill requires the Washington State Institute for Public Policy to conduct a study on the availability of federal funds for economic development and the matching funds needed to access them. This study will compare the federal funds listed on the state's fundhub.wa.gov website with those available on the federal grants.gov website, identifying any discrepancies. The findings of this study are to be reported to the legislature by June 30, 2027, and the section related to the study will expire on June 1, 2028.

Statutes affected:
Original bill: 43.330.260
Substitute bill: 43.330.260