News Flash

Town of Ellington News

Posted on: November 4, 2019

Supplementary Assistance to Homeowners with Crumbling Foundations

The attached information is from the Office of the Governor:

A new loan program administered by the Connecticut Housing Finance Authority (CHFA) assisting homeowners with the associated costs of replacing their pyrrhotite-damaged foundations has launched and can now be obtained through participating financial institutions.

The Supplemental Collapsing Foundation Loan Program will provide supplemental assistance to homeowners who have already been approved to receive financial assistance by the Connecticut Foundation Solutions Indemnity Company Inc. (CFSIC), the captive insurance company that was created and is funded by the state.

While CFSIC funding can only be used for the costs of replacing the actual concrete foundations, this loan program is intended to cover those repairs that might otherwise not be funded in whole or in part through that assistance, such as the replacement of decking, heating, and plumbing.

To apply, interested homeowners who have already been approved to receive financial assistance by CFSIC should contact one of the participating financial institutions that are listed on CHFA’s website. Participating financial institutions may loan up to $75,000 to each eligible borrower. The total amount of loans available under the program is capped at $20 million.

**On the WebCHFA Supplemental Collapsing Foundation Loan Program

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