Crumbling Foundations Fund Receives Delayed $19 Million

The new entity overseeing distribution of state funds to help Connecticut homeowners with crumbling foundations has finally received the $19 million it's been seeking for several months.

Michael Maglaras, superintendent of the Connecticut Foundation Solutions Indemnity Company, told The Associated Press on Friday the money was deposited Thursday and the captive insurance company is "poised to be operational as a result."

Maglaras says the entity was "very much in danger of having to suspend our operations."

Release of the bond funds had been delayed due to long-running negotiations with the state's Department of Housing. Maglaras says various state officials ultimately worked together to get the money released.

New rules to make the distribution of funds more equitable will be posted online, Dec. 4-10. Applications will be accepted 30 days later.

Copyright AP - Associated Press
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