CFSIC superintendent Michael Maglaras says program will stop new applications on June 30, 2030, and expects crisis to peak under 4,000 homes
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Summary
At a CROG policy board meeting, Michael Maglaras reported 2,579 applications, 1,229 families helped, and said CFSIC will close its application portal on 06/30/2030 while continuing to process claims already in the pipeline.
Michael Maglaras, superintendent of the Connecticut Foundation Solutions Indemnity Company (CFSIC), told the Capital Region Council of Governments policy board that the state’s crumbling‑foundations program has processed thousands of claims and that the application portal will close on June 30, 2030. "As of this morning at 9AM, 2,579 legitimate applications for assistance," Maglaras said, adding that CFSIC has returned 1,229 families to safe foundations and has personally signed 1,670 participation agreements.
Maglaras said the program will enter a sunset period on 06/30/2030, meaning it will stop accepting new applications on that date but will continue to process existing claims. "We will be shutting the application process down by then," he said, and estimated the real closure of operations will likely occur about two to two‑and‑a‑half years after the sunset date as casework in the pipeline is completed.
The superintendent presented several metrics to illustrate the workload and severity of cases: roughly $200 million in remediation construction value is expected to be reached within weeks, and 78% of applications received are severity code 3, the highest severity the program uses. Maglaras said actuarial and algorithmic models point to a total affected population well below early social‑media estimates. "All of the algorithmic data we have ... points to 3,700 to a maximum of 4,000," he said.
Board members asked whether the problem could reemerge later; Maglaras acknowledged that isolated new cases may appear in the future but said the data do not support tens of thousands of additional homes becoming affected. He also clarified scope: the program applies only to residential properties by statute and a prior CFSIC study of commercial buildings found no broad commercial problem, in part because commercial pours are subject to tighter standards.
Maglaras previewed a town‑specific web presence CFSIC will host at no cost to municipalities. The pages will include a short explanatory video, frequently asked questions, a link to the application and contact information for claims staff; Maglaras asked towns to link the pages from municipal websites so residents can find tailored local resources. He also noted a HUD‑managed $2,000,000 fund administered by program consultants to help households cover gap costs that CFSIC cannot pay. "Ninety‑six percent of our claimants have no out‑of‑pocket expense whatsoever," Maglaras said, adding that the small share that does pay has an average out‑of‑pocket exposure now under $9,000.
Maglaras credited CROG partners and contractor vetting by the regional organization for program delivery and said the superintendent’s office visits sites weekly. He said the program’s funding includes a recent $100 million state pledge and an ongoing $12 surcharge that yields roughly $11 million per year, and that those revenues, plus cash on hand, support remediation through the forecast peak.
Maglaras closed by inviting follow‑up: CROG members will receive tailored town data on claims and he and staff will continue coordination on outreach and contractor management. The chair and members thanked him for the update; no board action was required on the presentation.
