Lamont Administration Launches Community Investment Fund

06.09.2022
UrbanLot 040711
Economy

The Lamont administration has announced a program to foster economic development in historically underserved communities across the state.

The Community Investment Fund 2030 is a five-year grant that will provide up to $875 million to eligible municipalities, as well as nonprofit organizations and community development corporations that operate within them.

“Our administration is continuing to make historic investments in improving the economic vibrancy of our neighborhoods, with a focus on helping those that have been historically underserved gain access to good-paying jobs and benefits,” Gov. Ned Lamont said in a statement.

Eligible projects include improvements on affordable housing, brownfield remediation, infrastructure, and public facilities.

Programs that aid small businesses also qualify, such as revolving loans, gap financing, microloans, and start-up financing.

‘Fair, Just, Impartial

The fund specifies projects must further “systematic fair, just, impartial treatment of all individuals, including those belonging to underserved and marginalized communities.”

“We hope that these communities will be innovative and forward thinking in their plans, and the business community looks forward to being a partner in building a brighter future for the next generation,” CBIA’s Ashley Zane said.

“This program is what may help our struggling towns and cities rebuild and grow their Main Streets, as well as provide opportunities to small businesses—the backbone of our economy.”

Notice of funding availability and application materials are available now, and the deadline to submit applications is July 25.

The Department of Economic and Community Development—which will administer the fund—will be holding a series of informational webinars to review details and the application process.

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