Posted on September 24, 2024
Cheeseman Hails State Grant for Route 32 Investment Plan
HARTFORD – The Community Investment Fund board met Tuesday to make recommendations on Round 5 Awards, including one request from the Town of Montville. State Representative Holly Cheeseman (R-37) supported the grant award in the amount of $250,000 for the Route 32 Investment Plan.
Now that the CIF Board has reviewed the applications and the state Department of Economic and Community Development’s summaries, they are recommending these projects for funding, which was applauded by Cheeseman.
The Route 32 Investment Plan is for the planning for the revitalization of the Palmertown and Uncasville areas of Montville.
“These funds are incredibly important in boosting local infrastructure to help make that section of Montville a more vibrant, business-friendly community,” said Rep. Cheeseman.
The CIF is a transformational opportunity to invest in underserved communities in Connecticut through economic development and small business, education, and infrastructure projects.
The Community Investment Fund 2030 allows $175 million per year for 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 projects include capital improvements, such as those focused on affordable housing, brownfield remediation, infrastructure, and public facilities, as well as small business support programs that provide revolving loans, gap financing, microloans, or start-up financing.
Governor Lamont will review the CIF recommendations and, if he approves the applications, will forward them to the State Bond Commission. That Commission will issue final approval for recommended applications.
There are two remaining State Bond Commission meetings scheduled this year, October 25, 2024, and December 6, 2024.