Connecticut homeowners with crumbling foundations will have to wait at least another month to seek state financial assistance.
The Connecticut Foundation Solutions Indemnity Co. LLC (CFSIC), a fund created to support homeowners affected by crumbling foundations, announced Tuesday its launch has been delayed to mid-December.
Michael Maglaras, principal of Ashford’s Michael Maglaras & Co. assigned as CFSIC’s superintendent, says it needs more time to complete its funding process and consider public comments about its proposed operations.
CFSIC is funded by $100 million in state bonding — it will receive $20 million annually over the next five years. Another $9 million annually over the next decade will be provided through state legislation, according to the Connecticut Department of Housing.
“We cannot open our doors without funding, as will be obvious,” he said. “And of the volume of emails we’ve received, many have contained helpful and constructive comments, and I think parts of CFSIC’s claims management guidelines will change as a result.”
More than 35,000 homes in about 41 towns may be facing issues with crumbling foundations, the Housing Department said.
The issue was caused by naturally occuring iron sulfide originating from a quarry in Willington, containing a mineral called pyrrhotite, which causes the cracking, flaking, bowing and separation of concrete foundations when exposed to oxygen and water, it said.
The department says cracking starts small and, in some cases, takes over a decade to appear. The most concerning damage are cracks that go horizontal or splinter out like a web, officials said.
The cost to replace the irreversible damage ranges between $150,000 and $250,000 per home.
Engineers are able to test a foundation’s risk for crumbling through CORE testing. State reimbursements are available for the tests.
CFSIC says it will launch a website for homeowners to submit funding applications.
