Michael Maglaras, Michael Maglaras & Co
The Connecticut Foundation Solutions Indemnity Company (CFSIC) has completed 150 foundation replacements since its launch on January 10, 2019.
CFSIC is a captive that provides financial assistance to homeowners affected by crumbling foundations due to pyrrhotite, which causes swelling and cracking when it comes into contact with oxygen and water.
A home in Ellington became the 150th property affected by crumbling foundations that is now habitable again, due to the help of the CFSIC.
Michael Maglaras, principal of Michael Maglaras & Company and superintendent of CFSIC, said it was aiming to have 275 families back in their homes within 12 months. The captive is also aiming to restore 50 percent of the property tax base in at least 25 of the 40 towns affected.
Maglaras praised Connecticut Governor Ned Lamont and his administration for its support of CFSIC. "He and his team understand this crisis and understand our needs,” Maglaras said.
Meanwhile Don Childree, owner of Don Childree General Contracting, which did the foundation replacement in Ellington, extended his own praise to the CFSIC. “I've been replacing foundations for many years, but CFSIC has made the quotation and payment process seamless, rapid, and efficient," he said.
Connecticut Foundation Solutions Indemnity Company, CFSIC, Michael Maglaras, Don Childree General Contracting