New London To Receive $5.9 Million Grant For Municipal Projects

New London CT

12 April, 2022

8:56 AM

Description

NEW LONDON, CT – Gov. Ned Lamont announced Wednesday that the State of Connecticut is awarding $45 million to twelve cities and towns under his administration's newly established Connecticut Communities Challenge Grant Program. Projects in New London include: New London ($5,985,460; Multiple addresses on State Street, Bank Street, Water Street, South Water Street, etc.): The city and its partners will implement historic preservation, storefront improvements, adaptive reuse, and remediation projects and support the development of vacant properties into state-of-the-art mixed-use spaces for residential and commercial use. The project will result in 54 mixed-income housing units, 10 boutique hotel rooms, and more than 5,000 sq. ft. of retail space. The project will also allow the Garde Arts Center to accommodate larger productions. The grants are leveraging approximately $74 million in non-state and private dollars and will support projects that improve the livability and vibrancy of communities throughout the state. More than 50% of funding will be invested in Connecticut's distressed municipalities. This is the first round of funding under the program, which is administered by the Connecticut Department of Economic and Community Development (DECD). The second round is expected to launch in the fall, and DECD is expected to award up to $100 million in grants over the next several years. "Investing in our communities is a key part of our plan to accelerate long-lasting and equitable economic development in Connecticut," Lamont said in a statement. "This new grant program we launched will have wide-ranging impacts as we emerge stronger than ever from the pandemic, creating new jobs, improving the vibrancy and quality of life in our neighborhoods, and making all corners of the state even more attractive for investment and opportunity."