(a) There is established an account to be known as the “Crumbling Foundations Assistance Fund” which shall be a separate, nonlapsing account within the General Fund. The account shall contain any moneys required by law to be deposited in the account and any voluntary contributions. Moneys in the account shall be made available to incorporate the captive insurance company established pursuant to section 38a-91vv. Moneys in the account shall be transferred to such captive insurance company upon licensure by the Insurance Department. Voluntary contributions to the fund shall be deemed to be given for the purpose of providing financial assistance to owners of residential buildings for the repair or replacement of concrete foundations of such buildings that have deteriorated due to the presence of pyrrhotite and to minimize any negative impact on the economies of municipalities in which such residential buildings are located. No such contributions shall be further restricted by the donor or used by the captive insurance company for any other purposes. The captive insurance company shall not return any portion of such contributions to any donor. Any bond proceeds deposited into the fund shall be kept separate from any and all other funds deposited into the fund.

(b) The Department of Housing may apply for, receive and administer any federal funds, including, but not limited to, funds made available by the United States Department of Housing and Urban Development Section 108 Loan Guarantee program to assist owners of residential buildings having concrete foundations that have deteriorated due to the presence of pyrrhotite. All such federal funds received with the intent of assisting owners of residential buildings having concrete foundations that have deteriorated due to the presence of pyrrhotite shall be deposited into the Crumbling Foundations Assistance Fund established pursuant to subsection (a) of this section.

(June Sp. Sess. P.A. 17-2, S. 335.)

History: June Sp. Sess. P.A. 17-2 effective October 31, 2017.