Head of Crumbling Foundations Fund Says $1 Billion Needed

The man overseeing the distribution of millions of dollars to Connecticut homeowners with crumbling foundations says he doesn't have enough money to meet the need.

Michael Marglaras tells The Associated Press he will have roughly $133.5 million over five years. That, he estimates, will be enough to replace foundations for only 650 to 700 homes.

He estimates 5,000 to 9,000 homes will have to be fixed, and he needs $1 billion.

There have been estimates that as many as 35,000 homes in northern, eastern and central parts of Connecticut could be affected by the presence of an iron sulfide.

The new Connecticut Foundation Solutions Indemnity Company that he leads will distribute $100 million in state bonding and the proceeds from an annual $12 fee on homeowner insurance policies.

Copyright AP - Associated Press
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