Investing in the Future of Our CommunitiesJune 22, 2022
Last year, House Democrats led the way in creating the new $875 million Community Investment Fund (CIF).
The CIF is a historic opportunity to invest in underserved communities in Connecticut through economic development and small business, education, and infrastructure projects.
Specifically, eligible communities will have access to this funding 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
In addition to promoting economic or community development, projects must be designed to further consistent and systematic fair, just, impartial treatment of all individuals, including those belonging to underserved and marginalized communities. This includes Black and Latino persons and other persons of color; members of religious minorities; persons comprising the LGBTQ+ community; and persons otherwise adversely affected by persistent poverty or inequality.
This new CIF allows for $175 million per year for the next five years in bonding allocations, with the option to renew the program for an additional five years. Funding will be directed to projects proposed by eligible municipalities, community development corporations, or nonprofit organizations
Eligible applicants may apply for funding from the CIF by visiting portal.ct.gov/communityinvestmentfund.
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, with a minimum individual project size of $250,000.
The Community Investment Fund was a major priority of House Democrats and we were proud to work with Governor Lamont and our Black and Puerto Rican Caucus to see it through to fruition. This funding can be a driver of transformational economic change and growth in many communities across Connecticut.