State Grants To Support Economic Development In New London

NEW LONDON, CT — The State Bond Commissions has approved the release of $99 million in state funding to support the second round of grants under the Community Investment Fund 2030, a grant program established in 2022 to support economic development in historically underserved communities across Connecticut.

The New London Community and Recreation Center will receive $7.23 million of that amount. The funds will cover final construction costs. The new facility will feature recreation activities, rooms for education and community use, and will house the City’s recreation and youth affairs departments.

“The Community Investment Fund was established last year to improve the economic vibrancy of historically underserved neighborhoods,” Gov. Ned Lamont said in a statement. “Over the next several years, this program will be responsible for providing an incredible amount of opportunities for Connecticut’s cities and towns to revitalize their economic base and chart a path of equitable growth. Each of these projects supports this goal, and I am glad we’ve been able to get them approved.”

The Community Investment Fund 2030 is anticipated to release up to $875 million in grants a five-year period. 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.

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," according to the statement.

This second round of grants supports 28 projects from 20 municipalities.