Many milestones were met or exceeded this year in the efforts to aid homeowners with crumbling basements in Eastern and Central Connecticut. Receiving funds from the state bond allotment, the Healthy Homes surcharge, interest, and donations, the Crumbling Foundations Solutions Indemnity Company (CFSIC), has managed to amass over $120 million since its inception 29 months ago,  and return 459 families back into remediated homes.   In addition, CFSIC expects that at the end of 2022 75% of the tax abatements in the top ten towns will be restored to local coffers.

The most important benchmark of 2021 was the removal of the statutory sunset date of June 30, 2022 which ensures the existence of CFSIC indefinitely.  This is especially vital since CFSIC anticipates a second wave of 4,000-5,000 claimants to appear in 2024 and potentially run through 2030.   As of the end of 2021, there are 1,913 claimants in the system which includes active, inactive and pending claimants. 

Another positive change is the increase in the cap amount of allowable construction costs from $175,000 to $190,000 effective for new claimants as of January 5, 2022.  This increase is an acknowledgement of increased costs for materials, labor, and supply chain issues that are impacting the program.

The future is bright for CFSIC and applicants with over $184 million in projected revenue in the next eight years.  This will go along way for current Tier 1 and Tier 2 pending claimants who, at one time, were thought to be out of the running or at least pushed out to 2026 or later for remediation. 

If you suspect you have a crumbling foundation, it's time to get off the sidelines and get a visual inspection and/or core test and get your application in now, while the money is flowing, and remediation is on the horizon. 

Yes, there are gross inconveniences, and out-of-pocket costs in many cases, but a new foundation will return the luster to your nest egg and your neighborhood values.