$875 Million Community Investment Fund

May 18, 2022

Last year, I voted for the future of our communities by establishing the $875 million Community Investment Fund (CIF). This is a transformational opportunity to invest in underserved communities in Connecticut through economic development and small business, education, and infrastructure projects.

As Chair of the Black and Puerto Rican Caucus (BPRC), I was proud that this BPRC-led initiative came to fruition and was signed into law by Governor Lamont.
The CIF allows $175 million per year for the next five years in bonding, with the option to renew the program for an additional five years. This funding will be directed to projects proposed by eligible municipalities, community development corporations, or nonprofit organizations.
Waterbury is an eligible municipality and could receive grants available through the CIF for:

  • Capital Improvement Programs: brownfield remediation, affordable housing, infrastructure, clean energy development, and home or public facility rehabilitation
  • Small Business Capital Programs: revolving or micro loan programs, gap financing, and start-up funds to establish small businesses

Applications for the fund have not yet been posted on the CIF website, but are anticipated to be by the end of the month. In the meantime, the Department of Economic & Community Development is hosting an informational webinar on June 1 from 11AM – 12PM. If you have any questions about the CIF, this will be a great opportunity to ask them.

I was also grateful to work alongside BPRC Vice Chair and State Rep. Bobby Gibson and Speaker of the House Matt Ritter to create this fund.X