Bill > SB00547

This bill proposes to increase the state's bonding authority for the Crumbling Foundations Assistance Fund by $100 million. The bill aims to provide additional funding to the Connecticut Foundation Solutions Indemnity Company, Inc. (CTFSI), which assists homeowners dealing with deteriorating concrete foundations - a significant issue in Connecticut where some residential foundations have been found to be defective and prone to cracking and structural damage. By authorizing an extra $100 million in state bonds, the legislation will help expand financial support for homeowners who need to repair or replace their problematic foundations, which can be an extremely expensive and financially devastating problem for individual property owners. The bill amends section 8-445 of the general statutes to increase the total bonding amount available for this assistance program, demonstrating the state's continued commitment to addressing this widespread infrastructure and housing challenge.

Budget and Finance

https://www.cga.ct.gov/asp/cgabillstatus/cgabillstatus.asp?selBillType=Bill&bill_num=SB00547&which_year=2025