Bond Commission Releases Next $20 Million to Homeowners With Crumbling Basements

The Connecticut Bond Commission has agreed to release the next $20 million in funding to assist people in north central and eastern Connecticut with defective concrete basements.

NBC Connecticut Investigates broke the story about the crumbling concrete crisis four years ago and recently told you how the hold up in the funding was leaving homeowners already scheduled to receive assistance in limbo.

Governor Ned Lamont, who chairs the Bond Commission, also said he still intends to eventually release the remaining $40 million in funding for crumbling basements.

A public act in 2017 set aside $100 million for homeowners with crumbling basements to replace the defective concrete in hundreds of homes in our state.

Replacing the basements involve raising a home off its foundation, and costs well over $100,000.

The assistance program in charge of the funding recently estimated that roughly 5000 structures in Connecticut may have the crumbling concrete, and replacing the basements will cost well over $100 million, but far less than the one to two billion dollars some had originally predicted.

Governor Lamont also said at the Bond Commission meeting that he wants other stakeholders, including banks and insurance companies, to get involved in the assistance effort.

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