New funding available for elevating buildings on CT coast

Miriam Kelliher

Homeowners and small business owners can apply for state loans to elevate their shoreline properties, Gov. Malloy announced today. The new program, called “Shore Up CT,” provides loans as small as $10,000 and as large as $300,000 for property owners in cities and towns in FEMA flood zones VE or AE, which includes Fairfield, Westport, Bridgeport, Stratford, Milford and 19 others.

Gov. Malloy announced new loan program today to help coastal homeowners elevate properties. (Mary Beth Lane photo)

Gov. Malloy announced new loan program today to help property owners elevate coastal buildings. (Mary Beth Lane photo)

Loans will be issued at a fixed interest rate of 2.75% over a 15-year term, with no monthly principal or interest payments for the first 12 months. Borrowers must maintain property, hazard and flood insurance on the buildings.

Primary and secondary single family homes are eligible, along with 1-4 unit owner-occupied rentals and businesses with fewer than 100 employees. Residential properties must be elevated at least one foot above the 500-year flood height, and commercial structures must be elevated to the base flood elevation “with a freeboard clearance of at least one foot,” according to a statement released by the governor.

“With continued severe weather impacting Connecticut, ‘Shore Up CT’ is a forward-thinking approach to assist our state’s residents by taking action and fortifying our infrastructure before the next storm causes even greater damage to homes and businesses, ” Malloy said. According to the governor, the program was designed to help people who failed to qualify for federal disaster aid.

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