HARTFORD, Conn. (AP) _ A Connecticut panel has awarded funding to launch a new not-for-profit insurance company that will manage state dollars that will help homeowners with crumbling foundations.

The State Bond Commission approved $350,000 Friday in start-up money for the Connecticut Foundations Solutions Indemnity Company. The entity, scheduled to sunset in 2022, will manage $20 million-a-year in state funds.

An estimated 30,000 or more homes in eastern and central Connecticut could have foundations failing because of the presence of an iron sulfide that reacts naturally with oxygen and water, causing concrete to crack and crumble over the decades.

As of Friday, the Department of Consumer Protection had received 682 homeowner complaints.

Friday’s funding will cover the initial capital and professional services of a superintendent to begin operating the new indemnity company.

(© Copyright 2018 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)



Leave a Reply

Please log in using one of these methods to post your comment:

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s