Community Investment Fund 2030

The Community Investment Fund (CIF) 2030 is a five-year program administered by the State of Connecticut, designed to promote economic development in historically underserved communities across the state. Created through legislation enacted in June 2021 (Sec. 32-285a of the Connecticut General Statutes), the fund is governed by a 21-member Board and operates with a total of up to $875 million in bond proceeds. The CIF Board establishes funding guidelines, application processes, and terms for fund allocation. The primary objective of CIF is to foster economic and community development while advancing equity and inclusion for marginalized populations. Eligible projects must promote development within their municipalities and further the fair, just, and impartial treatment of all individuals, with particular emphasis on historically disadvantaged groups such as communities of color, religious minorities, LGBTQ+ individuals, rural residents, and those affected by persistent poverty or inequality. There are three main project categories eligible for funding: Capital Improvements, Planning, and Small Business Supports. The minimum project budget requirement is $1,500,000, with at least $250,000 of state funding requested, though Planning projects are exempt from the total budget minimum. Eligible applicants include municipalities designated as Public Investment Communities or Alliance Districts, as well as community development corporations and not-for-profit organizations serving those municipalities. Projects may be submitted jointly by multiple eligible applicants. The application process occurs at least twice per fiscal year and begins with a public Notice of Funding Availability (NOFA), followed by an application review by the Administrator, Board recommendations to the Governor, and final approval by the State Bond Commission. The CIF application includes details on project scope, location, cost estimates, and planning or small business support specifics. Evaluation criteria for Capital Improvements focus on alignment with the state’s Economic Action Plan, efficient use of taxpayer funds, and climate resilience. Small Business Support applications are evaluated on risk of loan default, job creation, community impact, and adherence to best financing practices. Priority is given to projects that leverage additional funding, include local hiring preferences, or have legislative support. The Round 8 application period opens on October 27, 2025, and closes at noon on December 5, 2025. Interested applicants are encouraged to start early, attend informational webinars, schedule one-on-one assistance, and thoroughly prepare their submissions. Updates on application status are provided throughout the cycle, and successful applicants will undergo a contracting phase. Regular project reporting and biennial audits ensure accountability and compliance with state requirements. Contact information for assistance includes CommunityInvestmentFund@CT.gov, with opportunities to schedule 30-minute virtual meetings during open grant periods. The CIF Board meets regularly to review and recommend projects, with upcoming meetings scheduled for June 10, 2025, and September 30, 2025.