Michael Maglaras is stepping down as superintendent of Connecticut Crumbling Foundations Solutions Indemnity Company (CFSIC).
According to a source close to the captive, Maglaras stepping down will be a “very orderly” process.
The CFSIC is a non-profit captive that was step up in 2017 to tackle crumbling foundations in homes in the northeast side of the State of Connecticut.
The ‘crumbling foundation’ homes were built using concrete made from stone aggregate mined from a quarry containing pyrrhotite, which resulted in cracks forming in the foundations of many of these structures, decades after they were constructed.
The non-profit captive aimed to use its available resources to adjust and pay claims for the rebuilding of as many pyrrhotite-affected home foundations as those resources will permit.
Recently, Kevin and Aisling McCloskeys were the first homeowners to have their property to be fixed using the captive after they received a grant of $175,000.
On 12 August, CFSIC revealed that 22 families have now been returned to their homes with new foundations, with an estimated 25 more to be back in their homes before the middle of September.
However, the non-profit captive is lacking in funding, the CFSIC has stated it aims to lobby the state and federal governments.
In July, Connecticut governor Ned Lamont signed into law a bill that will make several changes to the CFSIC’s enabling legislation.
The newly signed bill will allow certified home inspectors to audit certain building foundations and to require appraisal management companies to compensate appraisers fairly.
CFSIC said the changes will permit them to serve more homeowners that are affected, particularly those owning condominiums and planned unit developments.