Gov. Malloy: Funding Available to Help Municipalities Promote Business Growth in Town Commercial Centers

Press Release

Governor Dannel P. Malloy today announced that the Connecticut Department of Housing is now accepting applications from eligible towns interested in applying for a second round of grants under the state's Main Street Investment Fund (MSIF). The program, which launched in 2012, provides grants to municipalities for infrastructure renovations and improvements to town commercial centers in order to attract small businesses, promote commercial activity, and increase local jobs.

"The Main Street Investment Fund helps state government build a solid and trusted working partnership with smaller communities that are striving to strengthen their commercial centers, and attract additional businesses and jobs," Governor Malloy said. "While our state experienced one of the best years in decades for job creation last year, we still have more work to do. Improving and upgrading our town centers to ensure they are livable, walkable communities will lay the foundation for sustainable economic activity."

Towns can use the funding for a variety of projects, such as building renovations, improved street lighting, sidewalk construction, signage, recreational space, or other renovations deemed necessary to contribute to the economic success of a municipality. The program also provides financial incentives to the owners of commercial private properties for eligible expenditures that directly support and enhance a municipality's eligible project.

The program's goal is to strengthen a town's partnership with local businesses by creating vibrant communities with desirable, walkable neighborhoods that in turn will help businesses grow, create jobs, and have a positive impact on that town's local economy.

"This is a vital program in the state's community development toolbox that we use to help fund important local projects with significant economic implications," Department of Housing Commissioner Klein said. "It is important for local leaders and economic development officials to know the funding exists and there is still time to apply."

Eligible municipalities include those with less than 30,000 residents or those that are eligible for the state's Small Town Economic Assistance Program (STEAP). Individual grants shall not exceed $500,000.

In July 2013, Governor Malloy and Commissioner Klein announced the recipients of the program's first round of grants, which totaled $4.9 million.

Municipalities interested in applying for the second round should visit http://www.ct.gov/doh/mainstreet to download the instruction and application form.

For additional information, call Dimple Desai, Community Development Director with DOH, at 860-270-8012. The deadline to submit applications is May 30, 2014 at 4:00 p.m.

Source