HARTFORD — Governor Ned Lamont announced the launch of the 2030 Community Investment Fund, a five-year grant program of up to $875 million to foster economic development in Connecticut’s historically underserved communities. Designated municipalities, community development corporations and not-for-profit organizations that serve these communities can apply.
“Our administration continues to make historic investments to improve the economic vibrancy of our neighborhoods, with a focus on helping those who have been historically underserved access well-paying jobs and benefits,” said said Governor Lamont. “The 2030 Community Investment Fund is another way to encourage impactful development and support for small businesses in areas of Connecticut that have been left behind for far too long.”
The CIF 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 and Senate Speaker Pro Tempore Martin Looney.
The CIF Board of Directors will review the applications and make recommendations to the Governor, who will approve and forward the applications to the State Bond Commission.
“These investment funds will be critically important for projects, especially in urban areas that have infrastructure needs that have not been adequately met for some time,” Senator Looney said. “They will also be an advantage for non-profit organizations and municipalities.”
“The Community Investment Fund was a top priority,” said President Ritter. “This funding can be an engine of transformational economic change and growth in Connecticut communities.”
Eligible applicants can apply for CIF funding by visiting portal.ct.gov/communityinvestmentfund. Notice of funding availability and application materials are available now. The deadline for submitting applications is Monday, July 25.
The first round of funding will provide a goal of up to $75 million in total funding, with a minimum individual project size of $250,000. The CIF Board of Directors plans two funding rounds per year for five years.
“The CIF is an incredible opportunity for Connecticut cities and towns to revitalize their economic base and chart a course for equitable growth,” said DECD Deputy Commissioner Alexandra Daum. “Municipalities and their partners should consider long-term, transformative proposals that support economic growth and vitality.
Eligible projects include capital improvements, such as those focused on affordable housing, brownfield remediation, public infrastructure and facilities, as well as small business support programs that offer revolving loans, financing for support, microloans or start-up financing.
In addition to promoting economic or community development in the municipality, projects must be intentionally designed to promote consistent and systematic equitable, fair and impartial treatment of all individuals, including those belonging to underserved and marginalized communities such as Blacks, Latinos, natives and aboriginals. Americans, Asian Americans, Pacific Islanders and other people of color; members of religious minorities; people who are part of the LGBTQ+ community; people who live in rural areas; and people otherwise adversely affected by persistent poverty or inequality.
The DECD will host a series of informational webinars in the coming weeks to review CIF details and the application process. The first of these webinars will take place on Wednesday, June 1 at 11 a.m. Interested parties can register at portal.ct.gov/communityinvestmentfund.