(WTNH) –Michael Maglaras is bowing out as the Superintendent of the CT Crumbling Foundations Solutions Indemnity Company, or CFSIC. That’s the captive insurance company created to hand out over $100 million in grants to homeowners to fix their crumbling foundation.
According to multiple elected officials and members of the CFSIC board, Maglaras informed them of his decision Wednesday night.
Maglaras took the reins of CFSIC in 2018. The company has taken in over 1,000 applications for grants of up to $175,000.
The first homes to have foundations replaced received funding this spring. Almost two dozen homes have already been completed, with nearly two dozen more to be completed within the next month.
Maglaras has advocated aggressively for more funding to take care of all the homes that are expected to have the cracking foundations walls.
He’s said that if more money isn’t set aside, then the captive insurance company would need to shut down.
News 8 reached out to Maglaras for comment, but we have not heard back from him or his office yet.
Free download: Access Connecticut breaking news, weather, stream newscasts live and more on-the-go with News 8 alerts directly to your phone.