Connecticut – Applications for Community Investment Fund

Governor Lamont Launches Application Process for Community Investment Fund 2030 to Foster Economic Development in Historically Underserved Communities

HARTFORD, CT (STL.News) Governor Ned Lamont announced that his administration is preparing for the launch of the Community Investment Fund 2030 (CIF), a five-year grant program of up to $875 million to foster economic development in historically underserved communities across Connecticut.  Designated municipalities, community development corporations, and nonprofit organizations that serve these communities are eligible to apply.

“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,” Governor Lamont said.  “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 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.

“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,” Senator Looney said.  “They’ll also be a benefit to nonprofits and municipalities.  I look forward to continue working with Governor Lamont, Speaker Ritter, and the Black and Puerto Rican Caucus in reviewing applications and making recommendations for this funding.”

“The Community Investment Fund was a major priority,” Speaker Ritter said.  “I was proud to work with Governor Lamont, Senator Looney, and the Black and Puerto Rican Caucus to see it through to fruition.  This funding can be a driver of transformational economic change and growth in communities across Connecticut.”

Eligible applicants may apply for funding from the CIF by visiting portal.ct.gov/community investment fund.  Notice of funding Availability and application materials are available now, and the deadline to submit applications is July 25.  The first round of funding will provide a target of 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.”

Eligible projects include capital improvements, such as those focused on affordable housing, brownfield remediation, infrastructure, and public facilities, as well as small business support programs that provide revolving loans, gap financing, microloans, or start-up financing.  In addition to promoting economic or community development in the municipality, projects must be intentionally designed to further consistent and systematic fair, just, impartial treatment of all individuals, including those belonging to underserved and marginalized communities such, as Black, Latino, indigenous and native American persons, Asian Americans, Pacific Islanders, and other persons of color;  members of religious minorities;  persons comprising the LGBTQ+ community; persons who live in rural areas;  and persons otherwise adversely affected by persistent poverty or inequality.

DECD will hold a series of informational webinars in the coming weeks to review CIF details and the application process. The first of these webinars will be held on Wednesday, June 1, 2022, at 11:00 a.m.  Interested parties can sign up at portal.ct.gov/community investment fund.