Cities such as Bridgeport can leverage a state resource fund of $175 million for revitalization projects starting next July.
From CT Mirror:
Top state lawmakers and Gov. Ned Lamont’s administration challenged Connecticut’s poorest cities and towns Wednesday to think big if they want to tap a new pot of state financing to revitalize their communities.
The Community Investment Board 2030 launched a process that potentially could channel $875 million in state financing over the next five years–and as much as $1.5 billion over the next decade–into nearly three dozen distressed municipalities.
“This wasn’t just a one-of thing that was stuck in the budget,” House Speaker Matt Ritter, D-Hartford, who co-chairs the board, said following Wednesday’s meeting. “These pots of money are going to be for projects you can look back at in five or 10 years and see a difference.”
Cities and towns, community development corporations and other nonprofit entities are being asked to take a holistic approach, the speaker said. Though they could seek funding for one capital project, such as downtown parking and sidewalk repairs, long-term plans that might include several elements–job creation, expansion of affordable housing or filling a gap in vital support services–will have a big advantage.
Full story here.