Plain English Breakdown
The bill has passed the legislature but is currently referred to a committee; final approval by the governor or effective date is unknown based on this source.
State Bonds for Building Improvements in New Haven
This bill allows the state to issue up to $5 million in bonds to fund building facade renovations and site improvements in the Hill and Fair Haven neighborhoods of New Haven.
What This Bill Does
- Empowers the State Bond Commission to authorize new state bonds.
- Limits the total amount of these bonds to five million dollars.
- Directs bond proceeds to the Department of Economic and Community Development.
- Requires that funds be used as a grant-in-aid for New Haven city projects.
- Targets renovations on building facades in the Hill neighborhood.
- Funds site improvements in both the Hill and Fair Haven neighborhoods.
Who It Names or Affects
- The State Bond Commission
- The Department of Economic and Community Development
- The city of New Haven
Terms To Know
- Bonds
- Money that a government borrows by selling certificates to investors, which must be paid back with interest.
- Facade
- The front or outer face of a building.
- Grant-in-aid
- Money given by one government to another for a specific project without needing repayment.
Limits and Unknowns
- The bill does not state when the work will begin or end.
- It does not list which specific buildings in New Haven will receive funding.
- No effective date is provided in this text to show when the law starts.