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Main Street Investment Fund (MSIF)

NEW APPLICATIONS ARE NO LONGER BEING ACCEPTED UNTIL FURTHER NOTICE

Program Overview

This act provides grants in the amount not to exceed five hundred thousand dollars ($500,000) to municipalities with populations of not more than thirty thousand (30,000) or municipalities eligible for the small town economic assistance program (STEAP) pursuant to section 4-66g of the general statutes for eligible projects as defined.

The grant shall be used for improvements to property owned by the municipality, except the municipality may use a portion of the proceeds of the grant to provide a one-time reimbursement to owners of commercial private property for eligible expenditures that directly support and enhance an eligible project.  The maximum allowable reimbursement for such eligible expenditures to the owner shall be $50,000 provided at the following rates:

(1) expenditures equal to or less than $50,000 shall be reimbursed at a rate of 50%, and

(2) any additional expenditures greater than $50,000 but less than or equal to $150,000 shall be reimbursed at a rate of 25%.

Authorizing Statutes

PA 11-1, AN ACT PROMOTING ECONOMIC GROWTH AND JOB CREATION IN THE STATE, Sections 78 and 79, (herein after “the Act”)

Application and Supporting Documents