Lawmakers approve $50M state fund to support vacant commercial property conversions; billions more for other economic dev. efforts
COSTAR
Downtown Hartford skyline.
State lawmakers on Wednesday approved a plan to spend $50 million over the coming two years to help finance the conversion of empty commercial buildings into new uses.
The Greyfield Revitalization program was part of Gov. Ned Lamont’s original capital budget proposal unveiled in February. The capital budget is separate from the two-year, $55.8 billion General Fund budget that the House and Senate approved this week.
Lawmakers on Wednesday approved a $9.7 billion capital budget that will be funded through bonding. However, any project in the capital budget must still be approved by the state Bond Commission before it can move forward.
The Greyfield Revitalization program will provide grants or loans for the redevelopment of retail or office properties that are “economically nonviable” and not currently eligible for any brownfield remediation and development program.
The program will be set up by the Department of Economic and Community Development and work in partnership with two quasi-public economic development agencies: the Capital Region Development Authority and Connecticut Municipal Redevelopment Authority.
The capital budget authorizes up to $20 million in funding for the program in fiscal 2026, and $30 million in fiscal 2027.
The capital budget also allocated funding for various other economic development programs, including:
- $637 million over two years to fund various housing programs run by the state Department of Housing, including for the development or redevelopment of affordable housing
- $80 million over two years for the Brownfield Remediation and Revitalization program
- $55 million over two years for the Connecticut Manufacturing Innovation Fund
- $10 million for improvements at Tweed-New Haven Airport
- $56 million over two years for CRDA to encourage new development
- $34 million over two years for improvements and renovations to the Connecticut Convention Center and Rentschler Field
- $10 million over two years for improvements and renovations to Hartford parking garages
- $40 million over two years to encourage economic development in East Hartford
- $30 million in fiscal 2027 to recapitalize the Connecticut Municipal Redevelopment Authority
- $30 million for the Office of Workforce Strategy to support “workforce innovation and sustainability.”
The capital budget also includes significant funding for school construction and transportation upgrades.
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