Connecticut’s State Bond Commission will consider adding $20 million in bond allotment to the Crumbling Foundation Solution Indemnity Company (CFSIC).
The non-profit captive has been set up in order to reconstruct crumbling foundations of homes in the northeast side of the State of Connecticut.
The funds have been requested by CFSIC to provide the fiscal year 2020 instalment of funding to capitalise the Crumbling Foundations Assistance Fund.
The addition of $20 million will mean $60 million has been provided out of the pledged $100 million. However, president of the CFSIC board, Steve Werbner said: “We could use the full $100 million immediately.”
The CFSIC suggested that with the additional $60 million, they could allow the hundred people that are in queue to schedule their construction as well as having no reason to go into suspension between now and 2022.
Werbner commented: “The money is essential for is to continue the mission of repairing foundations. We have some 80 homeowners waiting in line for this funding to be released so that participation agreements can be signed between them and a contractor”
He added: “The need is there now the resources are required. We are grateful at a time when new debt items are being closely scrutinised that the governor has placed this item on the bond agenda for action.”
Earlier this month, CFSIC announced that they will stop taking on new applications for crumbling homes as the captive does not have enough funding for the applications it currently has.