Public Investment Community Index Preparation

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Public Investment Community Index

Program Description

The Office of Policy and Management (OPM) prepares the Public Investment Community (PIC) index not later than July 15 annually, pursuant to §7-545 of the Connecticut General Statutes (CGS).

The PIC index measures the relative wealth and need of Connecticut’s towns by ranking them in descending order by their cumulative point allocations for: (1) per capita income; (2) adjusted equalized net grand list per capita; (3) equalized mill rate; (4) per capita aid to children receiving Temporary Family Assistance program benefits; and (5) unemployment rate.

Pursuant to CGS §7-545 the PIC index includes each town that has a cumulative point ranking in the top quartile of the PIC Index (i.e. the 42 towns with the highest number of points). When a town’s ranking falls below the top quartile in a given fiscal year, the town's designation as a Public Investment Community continues for that year and the following four fiscal years. As a result, the PIC index includes certain towns carried over from previous fiscal years.

The PIC index determines eligibility for several financial assistance programs that various agencies administer. The following chart summarizes these programs.

Program	Description	Administering Agency	CGS Citation
Urban Action Bond Assistance	Funding for certain physical development projects	Office of Policy and Management	§4-66c
Community Economic Development Program	Funding for small businesses and community projects that create jobs or physically improve distressed neighborhoods	Department of Economic and Community Development	§8-240k to §8-240n
Residential Mortgage Guarantee Program	Loans to cover down payments on home mortgage loans	Connecticut Housing Finance Authority	§8-286
Malpractice Insurance Purchase Program	Malpractice liability insurance for eligible health care professionals providing primary health care services to low-income patients at community health care centers	Department of Public Health	§19a-17m
Enterprise Corridor Zone Designation	Certain Public Investment Communities may request Enterprise Corridor Zone designation (a prerequisite for corporate business tax credits and certain property tax relief programs for eligible claimants)	Department of Economic and Community Development	§32-80

Most of the towns included on the PIC index are eligible to elect for assistance under the Small Town Economic Assistance Program (STEAP) in lieu of Urban Action Bond assistance, pursuant to CGS §4-66g(b). An eligible town’s legislative body (or its board of selectmen if the town’s legislative body is the town meeting) must vote to choose STEAP assistance and the town must notify OPM following the vote. STEAP election is valid for four years and the statute allows extensions for additional four-year periods.

STEAP election is not available for Ansonia, Bridgeport, Bristol, Derby, East Hartford, Enfield, Hartford, Killingly, Manchester, Meriden, Middletown, New Britain, New Haven, New London, Norwich, Torrington, Vernon, Waterbury, West Haven and Windham.