Stamford Receives $2 Million For Economic Development Project

STAMFORD, CT — The City of Stamford is one of 35 Connecticut municipalities to receive state funds for economic development projects, according to a news release from Gov. Ned Lamont's office.

Here are the details:

Municipality: Stamford
Grant Recipient: Rippowam Corporation
Award Amount: $2,000,000

Description: “Oak Park Phase II” – Rippowam Corporation is the nonprofit development and asset management affiliate of the Housing Authority of the City of Stamford. Rippowam Corporation is requesting funding for the second of three planned phases to redevelop Oak Park, located on the East Side of Stamford, to rebuild to avoid areas of chronic flooding and to ensure accessibility for residents.

The funds are part of $77 million in state funding to support the sixth round of grants under the Community Investment Fund 2030.

Overall, the sixth grant round supports 35 economic development projects in 21 towns and cities across Connecticut.

“Through this grant program, we are helping municipalities throughout Connecticut make improvements in underserved areas that will enhance their economic vibrancy and revitalize neighborhoods,” said Lamont, who is also the chairman of the State Bond Commission. “I am glad that we can partner with these towns and cities and other organizations to make these improvements that will drive growth in our state.”

The Community Investment Fund was created by the Connecticut General Assembly and Lamont in 2022 to support economic development in historically underserved communities across the state.

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.

“The Community Investment Fund is one of the most transformative economic development tools we’ve created in recent years,” Senate President Pro Tempore Martin M. Looney (D-New Haven) said. “These grants are targeted investments to uplift underserved communities, assist struggling nonprofit social service organizations, promote equity, and spur long-term economic growth across Connecticut. I am proud to see this funding approved and look forward to its meaningful impact on cities and towns throughout our state.”

More details on the other projects around the state that will benefit from the grant money can be found here.