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Mayor Joe Ganim said the funding will have a "huge impact on Bridgeport's infrastructure and rejoin our communities."
“We're looking at negative numbers year after year, and that's really distressing,” said Board of Regents member Richard J. Balducci. “We're in trouble.”
The grants are aimed at programs supporting families living within the ALICE (Asset Limited, Income Constrained, Employed) income threshold.
A $200 million investment has helped create the New York Credit Small Business Investment Company Fund, which will deliver returns to the state pension fund.