New $875M state fund to pay for infrastructure, brownfields and more in ‘historically underserved’ communities

Hartford, Waterbury, New Haven, New Britain and 41 additional “historically underserved” communities in Connecticut can now apply to an $875 million state grant pool for community investments. The taxpayer-funded “Community Investment Fund 2030” could help eligible municipalities and their economic development agencies pay for infrastructure upgrades, brownfield remediation, public facilities, new affordable housing and small business assistance programs. Application materials are available now and are due by July 25 for a first round of funding that will distribute up to $75 million. The investments – to be paid through future state bonding – must win approval from a 21-member review board, then the governor and, ultimately, the state Bond Commission. Thomas Hyde, CEO of the Naugatuck Valley Regional Development Corp., said the fund is exciting because it offers the prospect of getting enough money to finish a brownfield cleanup through a single round of funding and work.

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