New Loan Program Could Help Connecticut Homeowners with Foundation Woes

May 30, 2019

Connecticut lawmakers are working to provide additional assistance to homeowners impacted by the crumbling foundations problem.

The House of Representatives last week advanced a bill to the Senate, by a vote of 131-7, requiring the Connecticut Housing Finance Authority to administer a new supplemental loan program. CHFA would guarantee loans made by banks and credit unions to owners of homes damaged by an iron sulfide that reacted naturally with oxygen and water.

Proponents say the loans can be used to help pay for repairs not covered by the Connecticut Foundation Solutions Indemnity Company Inc., such the replacement of decking, heating and plumbing. The insurance company can only provide grants to replace the concrete foundations.

Last week, the company received a new $20 million allotment from the state.

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