The state government has launched the Community Investment Fund 2030 (CIF), a five-year grant program of up to $875 million designed to foster economic development in Connecticut”™s underserved communities and among historically marginalized demographics.
Eligible projects include capital improvements endeavors including affordable housing, brownfield remediation, infrastructure and public facilities, as well as small business support programs that offer revolving loans, gap financing, microloans and start-up financing.
The CIF will be administered by the Department of Economic and Community Development (DECD) and overseen by a 21-member board that is co-chaired by House Speaker Matt Ritter and Senate President Pro Tempore Martin Looney. The CIF Board will review applications and make recommendations to the governor, who will approve and forward applications to the State Bond Commission.
Designated municipalities, community development corporations, and nonprofit organizations that serve these communities are eligible to apply. The deadline to submit applications is July 25 and the first round of funding is scheduled to provide up to $75 million in total funding, with a minimum individual project size of $250,000. The CIF Board anticipates two rounds of funding per year for five years.
“CIF is an incredible opportunity for Connecticut”™s cities and towns to revitalize their economic base and chart a path of equitable growth,” DECD Deputy Commissioner Alexandra Daum said. “Municipalities and their partners should consider transformative, long-term proposals supporting economic growth and vitality.”
