To increase the expertise and capacity of community-based organizations involved in economic development activities and key community development programs.

Community Economic Development Expertise Enhancement Act of 2003 - Authorizes the Secretary of Housing and Urban Development to make grants to increase the capacity and expertise of qualifying community-based economic development organizations. Directs the Secretary to: (1) conduct an assessment of such organizations' capability needs; and (2) establish the Advisory Council on Community Economic Development. Directs the President to include with each annual budget request a report regarding Federal financial support for community economic development.