$50M state fund greenlit to support redevelopment of empty commercial sites

According to the Hartford Business Journal, state lawmakers have approved a $50 million fund to support the conversion of vacant commercial properties into new uses. The Greyfield Revitalization program, part of Gov. Ned Lamont’s capital budget, will provide grants or loans for redeveloping economically nonviable retail and office spaces. The $9.7 billion capital budget also allocates $637 million for housing programs, $80 million for brownfield remediation, and $55 million for manufacturing innovation. Additional funding includes $10 million for Tweed-New Haven Airport improvements and $56 million to encourage new development through the Capital Region Development Authority.

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