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Some Condo Associations Can Seek Crumbling Foundation Help

By The Associated Press | April 16, 2019 | Reprints | Unlock Link | Print

Some Connecticut condominium associations with crumbling foundations can seek financial help from the captive insurance company that’s been helping owners of stand-alone homes.

Michael Maglaras, superintendent of Connecticut Foundation Solutions Indemnity Co. Inc., announced Monday that associations can apply on behalf of unit owners for any foundation where four or fewer units is located. They can receive up to $70,000 per eligible condo unit.

Associations can apply on or after April 18.

Maglaras said he’s been told that state lawmakers plan to amend the Connecticut law, which currently limits assistance to only four-and-under groupings of condos. Once that happens, Maglaras saidcondo associations will be able to apply on behalf of the remaining eligible foundations that are deteriorating from the presence of an iron sulfide.