Connecticut Crumbling Foundations Entity Halts Approval of New Work
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 says the captive insurance company determined it “cannot in good faith approve any new Participation Agreements” without the funds, given its commitments. There are 80 homes in the construction pipeline.
The State Bond Commission, chaired by Democratic Gov. Ned Lamont, released $20 million to the housing agency on April 2.
A Department of Housing spokesman says the agency has been finalizing a formal contract with the insurance company and expects Lamont’s office will OK it by the end of the week.
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