FOR IMMEDIATE RELEASE
April 2, 2010
CONTACT: Rich Harris, 860-299-6237 or email: rich.harris@ct.gov
Governor Rell: State Loans Available
for Storm Damage, Appliance Losses
Low-Interest Loans to Cover Furnaces, Foundations and Hot Water Heaters
Governor M. Jodi Rell today announced that the state has created an unprecedented emergency loan program to help homeowners make repairs and recover damages sustained in the massive flooding this past week.
The program, funded by the state Department of Economic and Community Development and administered by the Connecticut Housing Investment Fund (CHIF), will make $1.5 million available in low-interest loans for homeowners only.
The loans, offered at an interest rate of 2 percent, will cover the repair of damage to basements, foundations, roofs and insulation. The loans will also cover the purchase of critical appliances such as furnaces and hot water heaters that were damaged from basement flooding.
"Now that the flood waters are starting to recede, the enormity of the situation is beginning to sink in and homeowners are taking stock of their losses. As they begin to put their lives back together again we are doing everything we can to help," Governor Rell said.
"To be covered under this program, the damage must be specific to these spring floods and verifiable proof is absolutely required. Take photos, take videos, keep detailed notes and measurements," Governor Rell said. "The most important thing to do is to document everything."
The loans include maximum limits of:
• $20,000 for structural repair
• $750 for hot water heaters
• $7,000 for furnaces
The Governor said the final details of the loan program are nearly complete. The program will be available starting the week of April 5 and information can be found on the Governor’s Web site, www.ct.gov/governorrell, and at www.chif.org.
Governor Rell thanked state Senator Edith Prague (D-19) for working with state officials to help put this special flood loan program in place. Senator Prague’s district in southeastern Connecticut includes some of the hardest-hit sections of the state.
"The damage is unbelievable. Some families have nowhere to turn right now and that is why this program is so critical at this moment. We must ensure that people have the means to make their homes structurally safe and livable," Senator Prague said. "I want to thank the Rell Administration for moving so quickly to offer this much-needed support."
The original PDF version of the press release may be accessed by clicking here here.