New loan program for homes with faulty foundations launched
HARTFORD, Conn. (AP) — Connecticut is providing additional help to homeowners dealing with failing foundations.
Democratic Gov. Ned Lamont says the recently announced $20 million supplemental assistance fund will provide low-interest loans to cover home repairs beyond fixing the foundations, such as addressing heating and plumbing systems.
Homeowners can qualify for up to $75,000 in loans.
To qualify, they need to have already been approved for financial assistance from the Connecticut Foundation Solutions Indemnity Company Inc.
The state's $133 million fund for helping replace foundations was created in 2017.
The Hartford Courant reports tens of thousands of homes could be at risk of having a failing foundation. The newspaper says it costs about $185,000 on average to replace a foundation.
The foundations are crumbling because of an iron sulfide called pyrrhotite (PEER'-eh-tyt).