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The crumbling concrete foundations proposals we passed last year are gradually coming to fruition. Over the last few weeks, the Incorporators of the soon-to-be-licensed captive insurance company which will distribute remediation funds met to discuss next steps and create a framework for the months ahead. You can see all of the steps they've taken so far in this recent update I sent to fellow legislators and interested stakeholders.
Additionally, at the recent Bond Commission meeting, the Commission approved a first installment of $350,000 for the newly created captive insurance company, Connecticut Foundations Solutions Indemnity Company, LLC. The insurance company will distribute remediation funds to contractors approved to repair/replace crumbling concrete foundations.
The Bond Commission also approved a change expanding access to financial assistance for foundations testing. $5 million was previously allocated to help homeowners afford testing, but limited to homes within 20 miles of the J.J. Mottes Concrete Company in Stafford Springs. The change allows the Department of Housing Commissioner to approve reimbursements for households outside of the originally approved radius. Learn more about the program here.
Recently I sat down with NBC's Len Besthoff to discuss the impact of crumbling concrete foundations on town grand lists. You can watch it here
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