🔒Bond Commission approves $652.7M for housing, transportation, redevelopment projects

The state Bond Commission on Friday unanimously approved its full agenda, authorizing $652.7 million in funding for housing, transportation, economic development and other capital projects, while also approving $2.25 billion in bond sales and other financing transactions. The commission, chaired by Gov. Ned Lamont, approved dozens of funding requests ranging from affordable housing and brownfield remediation programs to transportation infrastructure improvements, childcare facility expansion and technology modernization initiatives. The agenda also included a $1.74 billion general obligation bond sale. The approvals brought total bond authorizations approved during the current fiscal year to about $2.597 billion, just below the state's annual bonding cap of $2.602 billion, according to commission documents. Opening the meeting, Lamont said the state's economic development priorities have shifted significantly over the past decade. "Ten years ago, a lot of that money was going to big businesses, trying to keep them here," Lamont said. "Today, more and more of that money is going to small businesses, new businesses, startups. That's helping our economy grow." Lamont also highlighted housing and transportation investments as key priorities. Transportation projects account for the largest share of the borrowing package, with about $486 million in special tax obligation bonds approved for highway, bridge, rail and bus investments. Lamont noted that rising construction costs have increased transportation project costs. "While we're investing more in upgrades, it's also costing us a heck of a lot more," he said, citing tariffs, oil prices and other factors. He also pointed to investments in traffic signal modernization and wrong-way driving detection systems, which the state has deployed at hundreds of locations. Among the largest housing-related items approved Friday was $75 million for the state's Flexible Housing Program, including $66 million in new borrowing and $9 million from prior bond authorizations. The funding will support new housing construction, rehabilitation projects and improvements to existing housing developments. The commission also approved $10 million for the state's Time To Own program, which provides forgivable loans to first-time homebuyers. Lamont said the state is investing roughly three times more in housing than it was eight or nine years ago. "The demand is there for housing," he said. "We need more housing to make sure that if people continue to move to this state, stay in this state, young people can stay in the state." The governor also highlighted the Time To Own program, which he said has helped approximately 9,000 residents become homeowners. The commission approved nearly $63 million for 38 projects through the Community Investment Fund 2030 program. Major awards include $6 million to support redevelopment of 111 Founders Plaza in East Hartford, $5 million for the University of New Haven's planned Center for Innovation and Applied Technology in West Haven, and $6 million to prepare the St. John Towers property in Stamford for affordable housing redevelopment. Other approved items included $19.4 million through the Municipal Redevelopment Authority for mixed-use and housing projects in Enfield, New London and Norwich; $10 million in supplemental funding for brownfield remediation projects; $21 million for upgrades at the Connecticut Convention Center and Rentschler Field; nearly $59 million for state technology modernization initiatives; and $25 million for infrastructure improvements across the Connecticut State Colleges and Universities system. The commission also approved roughly $475 million for school construction projects statewide. Lamont noted Connecticut provides one of the nation's highest levels of state support for school construction and said newer projects increasingly incorporate energy-efficient features such as solar power and geothermal systems.