New Opportunity For Up to $875 Million in Economic Development Grants

From Rep. Rosa Rebimbas

I'd like to share with you that Governor Ned Lamont announced the launch of the application process for the Community Investment Fund 2030 (CIF), a five-year grant program of up to $875 million to foster economic development in historically underserved communities in Connecticut. The list of eligible communities includes Naugatuck. Designated municipalities, community development corporations, and nonprofit organizations that serve these communities are eligible to apply, the governor's office said in a statement Monday.

The governor's office issued the following statement about the grant application process:
"The CIF will be administered by the Department of Economic and Community Development (DECD) and overseen by a 21-member board. The CIF Board will review applications and make recommendations to the governor, who will approve and forward applications to the State Bond Commission.

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 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.

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/communityinvestmentfund."

As always, I encourage you to share this information with anyone who may benefit from it.
Email: Rosa.Rebimbas@housegop.ct.gov