Head of Connecticut Crumbling Foundations Entity Concerned About Funding Delay

The superintendent of the new entity charged with distributing millions of dollars to Connecticut homeowners with crumbling foundations says he’s within weeks of shutting down if state bonding isn’t released.

Michael Maglaras told members of several legislative committees on Friday that the captive insurance company has been awaiting more than $19 million for two-and-a-half months. He says the money has been delayed due to long-running, “onerous” and “expensive” negotiations with the state’s Department of Housing.

Maglaras hopes to begin distributing grants to some affected homeowners next month.

Maglaras says he recently learned the matter was transferred from the Department of Housing to the State Treasurer’s Office, giving him hope the funds will finally be deposited into the account.

He’s telling lawmakers, “let’s fix it and make it work.”

Related:

• Head of Crumbling Foundations Fund in Connecticut Says $1B Needed
• Candidate Seeks to File Brief in Connecticut Crumbling Foundations Case
• Connecticut Lawmakers Vote to Add $12 Fee to Help Homeowners
• Court Asked to Define ‘Collapse’ in Connecticut Home Foundations Case
• Connecticut Senator Says Surcharge to Help Homeowners Is Not Dead
• Connecticut Homeowners Ask Legislature for Assistance on Bad Foundations

Topics Mergers & Acquisitions Connecticut