Senate Senator Tim Larson (D-East Hartford) today saw a bill he authored to help homeowners address crumbling concrete foundations in eastern Connecticut move forward by the Senate to the next step.
The Senate referred the bill to the General Assembly’s Finance, Revenue and Bonding Committee for further review.
“This is an historic step forward, as we work to establish a real solution for Connecticut homeowners struggling with the burden of crumbling concrete foundations,” said Sen. Larson, the Democratic Senate chair of the Public Safety and Security Committee. “This problem is bigger than eastern Connecticut and the thousands of homes that have been and will be impacted in our region. The entire state’s real estate market stands to be impacted by this crisis. We must step up to help these families who are living through this crisis through no fault of their own.”
Senate Bill 860, An Act Establishing The Crumbling Foundation Assistance Program and Assisting Homeowners With Crumbling Foundations, would authorize municipalities to establish a program to provide grants to eligible owners of residential buildings for the purposes of repairing or replacing faulty or failing concrete foundations and to fund a program that would assist homeowners with the costs by issuing bonds and accepting donations.
Sen. Larson’s bill gives municipalities the option and ability to use bond funds to grant aid to residents who are affected by this situation. Under this legislation, it would be voluntary for municipalities to choose to use this mechanism, and the flexibility to determine their own formula to distribute aid to residents. Additionally, homeowners, money highlighted by the Attorney General’s office, banks that hold mortgages on these homes, insurance companies and the state and federal governments are encouraged to participate in funding the repairs.
It is estimated that hundreds, if not thousands, of homes in more than 36 towns in Connecticut have been affected by crumbling concrete.