HB 6646 - Environmental Infrastructure Bank Summary

• Creates the Connecticut Earth Bank as a public instrumentality to finance environmental infrastructure projects including water management, solid waste, recycling, and climate resilience initiatives.

• Establishes an Environmental Infrastructure Fund effective July 1, 2020, funded by a charge of at least 1 mill per kilowatt-hour on all electric utility customers in Connecticut.

• Authorizes the Connecticut Earth Bank to issue bonds, provide low-cost financing and credit enhancements, make direct investments, and offer grants for environmental infrastructure projects serving residential, municipal, small business, and commercial sectors.

• Creates an 11-member governing board with representation from state agencies, legislative branches, and appointed experts in environmental infrastructure finance, labor, and development.

• Establishes a Connecticut Earth Loan Guaranty Fund program to guarantee loans made by participating lending institutions to nonprofits and small businesses for eligible environmental infrastructure projects, with a target to enable improvements for 15% of single-family homes by 2020.