CT HB05434

Establishes a community economic development program to assist low and moderate income individuals in establishing, maintaining, and expanding businesses in public investment communities, qualified census tracts, targeted investment communities, and statewide.

Creates an entity governed by a state-wide board of directors with representatives from state agencies, investors, and community members (comprising at least one-third of board membership) to coordinate funding and implement the program.

Requires at least 70 percent of financial assistance to support low and moderate income individuals or activities in designated communities through loans, technical assistance, business incubators, and commercial real estate development.

Permits the entity to conduct business outside Connecticut on or after October 1, 2024, provided at least 70 percent of total assets are used for in-state business and all out-of-state assets are designated for out-of-state purposes only.

Mandates annual reporting to the joint standing committee on commerce detailing plans, activities, financial statements, recipient information, job creation data, and a strategy for achieving program goals.