(1) No later than July 1, 2025, each city shall establish and adopt a five-year poverty elimination action plan. The city shall electronically submit a copy of the plan to the Urban Affairs Committee of the Legislature and the Clerk of the Legislature. The plan shall include, but not be limited to:

(a) Goals for poverty elimination in high-poverty areas, qualified census tracts, and economic redevelopment areas; and

(b) Plans for the use of federal, state, and local incentives to eliminate poverty in high-poverty areas, qualified census tracts, and economic redevelopment areas.

(2) Each city shall reevaluate its poverty elimination action plan every two years and update its plan every five years to ensure its effectiveness and relevance. Updated plans shall be electronically submitted by the city to the Urban Affairs Committee of the Legislature and the Clerk of the Legislature.