Summary of HB 1101

• Establishes CT Renaissance as a quasi-public subsidiary of the Capital Region Development Authority to target investments in economically distressed municipalities with high populations of Black, African-American, Hispanic, or Latino residents.

• Designates "renaissance zones" in eligible municipalities that meet criteria including being among the ten poorest and highest unemployment municipalities in the state, having a population density exceeding 5,000 residents per square mile, and high diversity and need indices.

• Creates a community renaissance account to provide grants to community development corporations for housing creation and rehabilitation, job training, business financing, education support, infrastructure improvements, and other community development projects within renaissance zones.

• Requires the State Treasurer to invest a minimum of $100 million annually with community banks and credit unions located in renaissance zones, which must provide lower interest rates or additional lending to zone residents and businesses for economic development and wealth creation.

• Mandates that state agencies and the Health and Educational Facilities Authority require contractors and loan recipients exceeding $500,000 to deposit funds for investment in renaissance zone financial institutions for fiscal years 2023-2032, with $20 million annually required to be deposited in the community renaissance account.