A state program designed to assist hundreds of Connecticut families with crumbling concrete basements announced a significant achievement Monday.
The Connecticut Foundation Solutions Indemnity Company (CFSIC) said it has now passed the 800 mark, and has placed 802 families into their homes with new foundations.
The program was launched by the state January 10, 2019 because most insurers would not cover the loss, and the company that experts suspect made the defective concrete had gone out of business.
The defective concrete basement problem principally impacts north central and northeastern Connecticut, with estimates that hundreds, and possibly even a few thousand homes may be impacted.
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State Rep. Jeff Currey (D-East Hartford), who is an ex-offcio member of CFSIC’s board, congratulated the team at CFSIC for “…keeping this program on such a steady course.” Currey added, “Home equity is being restored, construction jobs have been created as part of the foundation replacement process, and families have been able to start their lives all over again.”
To date, CFSIC said it has paid out almost $127 million in foundation remediations as well as reimbursements for work already performed. The program estimated it should reach the 1,000 home mark for foundations replaced in the next 18 months.
CFSIC said it already has more than 2,200 claimants, many of whom are awaiting the next round of funding of $25 million, which should be released by the Connecticut Department of Housing shortly.
NBC Connecticut Investigates broke the story about the crumbling concrete basement issue in July 2015.
To learn more about CFSIC, visit the CFSIC website here.
