crumbling foundations

Crumbling Foundations Entity Halts Approval of New Work

The crumbling foundations entity helping homeowners has halted authorization of new work as it awaits state funds

crumbling foundations august 20
NBCConnecticut.com

The entity overseeing distribution of state funds to help Connecticut homeowners with crumbling foundations has ceased authorizing new foundation construction work until it receives a payment from the state Department of Housing. 

Michael Maglaras, superintendent of the Connecticut Foundation Solutions Indemnity Company, Inc., announced the suspension Monday. 

Maglaras said the captive insurance company determined it “cannot in good faith approve any new Participation Agreements, given the amount of construction work we have already committed to, without needed funds.” 

The State Bond Commission, chaired by Democratic Gov. Ned Lamont, released $20 million to the housing agency on April 2. There are currently 80 homes in the construction pipeline. 

Messages were left seeking comment with Lamont's office and the Department of Housing. 

The captive insurance company has faced previous funding delays.  

Copyright AP - Associated Press
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