Connecticut accepting applications for construction project funding

Applications for construction funding are being taken in Connecticut.
Applications for construction funding are being taken in Connecticut.
In order to get construction equipment moving, towns need a way to fund improvement projects.

To that end, Connecticut Governor M. Jodi Rell recently announced that funds are being made available to help lower their financing costs for projects. The $225 million comes from the federal government's American Recovery and Reinvestment Act.

"By lowering the costs of financing for these shovel-ready projects, we are providing a boost to the local and state economies and putting people to work when they need it most," Rell said.

Private-sector projects will have access to $135 million, while the remaining $90 million can be used by municipalities for tax-credit bonding. In all, 62 communities are eligible for the funds and the state is taking applications for access to the money.

The funds are part of the stimulus package's Recovery Zone Bond program, which was presented by the U.S. Treasury Department in June of this year. In all, $25 billion in bond authority is being made accessible through the program.

According to the most recent statistics from the government, about $14.3 billion in federal contracts have been awarded through the ARRA. Of that, about 11 percent of funds have been received.