Doug McCrory

Sen. McCrory Welcomes Approval of Community Investment Fund 2030 Bill

Senate gives Final, Bipartisan Approval to Two-Year State Budget

State Senator Doug McCrory (D-Hartford, Bloomfield, and Windsor) joined the Senate in approving a bill that will establish the Community Investment Fund 2030, a transformational opportunity to invest in underserved communities in Connecticut through economic development and small business, education, and infrastructure projects. House Bill 6690 passed the Senate and House of Representatives with near unanimous support in both chambers.

“This fund is a significant opportunity to provide direct support to communities that for decades have been underserved and marginalized,” said Sen. McCrory. “With this source of funding we can invest in projects that will create jobs, help residents gain the skills needed for a 21st century economy, and more to meet the needs of the entire family.”

The Community Investment Fund 2030 allows $175 million per year for the next five years in bonding, with the option to renew the program for an additional five years. This funding will be directed to projects proposed by eligible municipalities, community development corporations, or nonprofit organizations. Eligible municipalities are public investment communities (PIC) and alliance districts.

The Connecticut Office of Policy and Management included Hartford, Windsor, and Bloomfield on its fiscal years 2020 and 2021 list of PICs, which are the state’s most economically and fiscally distressed municipalities. The three municipalities’ school districts were included on the Connecticut Department of Education’s alliance district list for 2019-20.

Projects that can be funded will serve the purpose of including but not limited to:

• To provide financing and loans for small businesses located in eligible municipalities
• Improvements to water and sewer infrastructure to boost economic development
• Affordable housing
• Improvements to energy resiliency projects
• Build facilities such as senior centers and libraries

House Bill 6690 creates a Community Investment Fund 2030 board within the state Department of Economic and Community Development (DECD). The board will review eligible projects that could be recommended to the governor. Then, the governor will give their approval or rejection, with possible suggestions on modifying the project, of the project to receive a recommendation bond allocation. A project that receives a recommendation must be considered by the State Bond Commission.

Starting in fiscal year 2022, House Bill 6690 requires the directing of $125 million per year of available federal funds through the state’s Economic Action Plan to be reserved for quality of life and community projects. Eligible projects the reserved funding will provide for and support include:

• A revolving loan program, microloans, or gap financing to women or minority-owned small businesses
• Workforce development
• Educational and youth services programming
• Mental health services
• Apprenticeship training
• Community enrichment programs (ex. financial literacy, academic scholarships, and home ownership opportunities)
• Broadband expansion

DECD must consider comments received from the Community Investment Fund 2030 board’s review of projects approved for funding.