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.”
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