Connecticut's Crumbling Concrete Foundations Program Receives Update
Yesterday, the Governor signed this year's crumbling foundations bill. Here is a summary of the bill from the Office of Legislative Research:
Crumbling Concrete Foundations
A new law makes significant changes to laws, programs, and insurance policies affecting residential homes with foundations that are deteriorating due to the presence of pyrrhotite. Among other things, the law (1) expands the definition of “residential building” to include large condominium buildings; (2) fixes practical issues with the $12 Healthy Homes Fund insurance surcharge; (3) requires sellers of residential property to generally disclose any knowledge of defects that significantly impair the property’s value and health and safety of its future occupants and creates a private right of action for buyers against sellers who fail to do so; and (4) establishes a loan guarantee program for impacted homeowners who need supplemental loans (sHB 7179, as amended by House “A,” and HB 7269, as amended by House “A,” various effective dates).