Hartford, Waterbury, New Haven, New Britain and 41 additional “historically underserved” communities in Connecticut can now apply to an $875 million state grant pool for community investments.
The taxpayer-funded “Community Investment Fund 2030” could help eligible municipalities and their economic development agencies pay for infrastructure upgrades, brownfield remediation, public facilities, new affordable housing and small business assistance programs.
Application materials are available now and are due by July 25 for a first round of funding that will distribute up to $75 million. The investments – to be paid through future state bonding – must win approval from a 21-member review board, then the governor and, ultimately, the state Bond Commission.
“Our administration is continuing to make historic investments in improving the economic vibrancy of our neighborhoods, with a focus on helping those that have been historically underserved gain access to good-paying jobs and benefits,” Gov. Ned Lamont said through a release. “The Community Investment Fund 2030 is another way that we are encouraging impactful development and small business support for areas of Connecticut that have been left behind for too long.”
The minimum grant request is $250,000. There is no upper limit.
Thomas Hyde, CEO of the Naugatuck Valley Regional Development Corp., said the fund is exciting because it offers the prospect of getting enough money to finish a brownfield cleanup through a single round of funding and work.
Traditional state brownfield grants provide up to $2 million, often not enough to clean up massive industrial sites in Waterbury that were abandoned by metals manufacturers decades ago.
That has left Waterbury to clean as far as eligible moneys allow on some sites, then halt to wait for more funding.
New Britain Mayor Erin Stewart said her community will apply any grants received toward transforming its most needy neighborhoods. Her administration is eager to learn more about the process.
“The influx of opportunities for funding quality of life projects for Connecticut’s municipalities could be transformative for our future,” Stewart said.
The fund will be administered by the state Department of Economic and Community Development and overseen by a 21-member board co-chaired by House Speaker Matt Ritter (D-Hartford) and Sen. President Pro Tempore Martin Looney (D-New Haven).
“These capital funds will be critically important for projects, especially in urban areas that have infrastructure needs that haven’t been adequately met for some time,” Looney said. “They’ll also be a benefit to nonprofits and municipalities.”
Ritter described the eight-year grant program as “a major priority.”
“This funding can be a driver of transformational economic change and growth in communities across Connecticut,” Ritter said.
In addition to promoting economic or community development, projects must be designed to further consistent, fair, impartial treatment of all individuals, including those belonging to underserved and marginalized communities, including people of color, religious minorities, rural residents, members of the LGBTQ+ community and people impacted by poverty and inequality.
Additional information and application materials can be found at portal.ct.gov/communityinvestmentfund.