HARTFORD, Conn. (WTIC Radio) - Members of the state legislature and the Lamont administration convened for the first board meeting of the Community Investment Fund 2030 on Wednesday and took the first steps in establishing the process for project proposals.
The newly formed 21-member board serves as an advisory group which oversees a program that offers bond funding to eligible projects that directly support underserved communities.
The bonding program allows for over $175 million per year in bonding over the next five years, according to Senate Democrats. The board also has the option to renew the program for an additional five years.
With legislation that directs $125 million per year of available federal funds to be allocated for community projects, the program can see over $2 billion in bond funding, state officials said.
"This board will review each application and make our recommendations to the governor and his staff," House Speaker Matt Ritter (D) said. "The governor has to recommend a bond allocation to us and, if he does, within two months, it's got to be put on the State Bond Commission."
Municipalities, community development corporations and nonprofits will be able to propose a project for funding, Ritter said.
The proposals can range from investments in minority-owned small businesses and improved housing to infrastructure, clean energy and education-related projects.
"This is a great opportunity for all branches of government to be able to work together for potential economic growth for the state of Connecticut," the governor's Chief of Staff Paul Mounds said, explaining that these investments can lead to structural changes to communities, "not just surface changes."
Project proposals are expected to start coming next year, state officials said, after the board finalizes applications, funding implementation and other logistics.