CT SB00824

Increase bond authorization for the Small Town Economic Assistance Program (STEAP) with $30 million authorized for fiscal year ending June 30, 2024, and $4 million annually for the following five fiscal years.

Eliminate matching fund requirements for municipalities to receive the maximum $500,000 in STEAP grants in a fiscal year, though municipalities may still use federal or municipal resources to supplement projects.

Allow municipalities to use multiple grants from the program to fund a single project.

Increase the maximum annual grant amount per municipality from $500,000 to $1 million in stages over the next five fiscal years.