Program Description
The Office of Policy and Management (OPM) prepares the Public Investment Community (PIC) index not later than July 15 annually, pursuant to §7-545 of the Connecticut General Statutes (CGS).
The PIC index measures the relative wealth and need of
Pursuant to CGS §7-545 the PIC index includes each town that has a cumulative point ranking in the top quartile of the PIC Index (i.e. the 42 towns with the highest number of points). When a town’s ranking falls below the top quartile in a given fiscal year, the town's designation as a Public Investment Community continues for that year and the following four fiscal years. As a result, the PIC index includes certain towns carried over from previous fiscal years.
The PIC index determines eligibility for several financial assistance programs that various agencies administer. The following chart summarizes these programs.
|
Program |
Description |
Administering Agency |
CGS Citation |
|
Urban Action Bond Assistance |
Municipalities designated as public investment communities are eligible to receive grants-in-aid funded by urban action bonds. |
Office of Policy and Management |
§4-66c |
| Small Town Economic Assistance Program | Municipalities designated as a distressed municipality or a public investment community that are otherwise eligible for the Small Town Economic Assistance Program may opt-in to such program in lieu of being eligible for urban action bonds. | Office of Policy and Management | §4-66g |
|
Community Economic Development Program |
Funding for small businesses and community projects that create jobs or physically improve distressed neighborhoods. 70% of funds must go to projects in public investment communities and targeted investment communities. |
Department of Economic and Community Development |
§8-240k to §8-240n |
|
Residential Mortgage Guarantee Program |
The Department of Housing administers a residential mortgage guarantee program for eligible persons purchasing a home for owner occupancy. Real property eligible for such program must be located in a public investment community. |
|
§8-286 |
| Education Cost Sharing | The State Department of Education calculates the municipal base aid ratio as the sum of one minus the municipality’s wealth adjustment factor and the municipality’s base aid ratio adjustment factor, if any. By statute, the base aid ratio adjustment factor is 6 points for municipalities ranked 1 through 5 in the PIC index, 5 points for municipalities ranked 6 through 10 in the PIC index, 4 points for municipalities ranked 11 through 15 in the PIC index, and 3 points for municipalities ranked 16 through 19 in the PIC index. |
State Department of Education | §10-262f |
|
Malpractice Insurance Purchase Program |
Malpractice liability insurance for eligible health care professionals providing primary health care services to low-income patients at community health care centers |
Department of Public Health |
§19a-17m |
| Connecticut Manufacturing Innovation Fund | In the course of administering the Connecticut Manufacturing Innovation Fund, the Department of Economic and Community Development must give priority consideration to proposals from any company located in or planning to relocate to a public investment community. |
Department of Economic and Community Development | §32-7o |
|
Enterprise Corridor Zone Designation |
Certain Public Investment Communities may request Enterprise Corridor Zone designation (a prerequisite for corporate business tax credits and certain property tax relief programs for eligible claimants) |
Department of Economic and Community Development |
§32-80 |
Most of the towns included on the PIC index are eligible to elect for assistance under the Small Town Economic Assistance Program (STEAP) in lieu of Urban Action Bond assistance, pursuant to CGS §4-66g(b). An eligible town’s legislative body (or its board of selectmen if the town’s legislative body is the town meeting) must vote to choose STEAP assistance and the town must notify OPM following the vote. STEAP election is valid for four years and the statute allows extensions for additional four-year periods.
STEAP election is not available for
Public Community Investment Indexes can be found here.
For further information, contact: