Crumbling foundations financial assistance to resume soon
HARTFORD — Financial assistance agreements for Connecticut homeowners with crumbling foundations will soon be finalized.
Michael Maglaras, superintendent of the Connecticut Foundation Solutions Indemnity Company, says the suspension of new participation agreements will be lifted beginning Monday. That’s because the captive insurance company overseeing the assistance program received its third round of state funding.
The State Bond Commission released the $20 million on Sept. 17.
Maglaras says release of the funds will be welcome relief for claimants who have been in line for financial help to replace their basements and foundations since mid-June. He predicts it will take about two weeks get through the first 71 claimants, promising to act as quickly as possible.
The concrete basements and foundations are crumbling because of an iron sulfide called pyrrhotite (PEER’-eh-tyt).