Osten Lauds Passage of Bill to Help Homeowners With Crumbling Foundations
State Senator Cathy Osten (D-Sprague) today joined by a bipartisan group of state legislators to celebrate the committee passage of a bill designed to help homeowners struggling with crumbling concrete foundations.
Senate Bill 806, “An Act Establishing The Crumbling Foundation Assistance Program And Assisting Homeowners With Crumbling Foundations,” was passed by the Public Safety and Security Committee on Wednesday.
The bill requires insurance companies to collect an annual $12 surcharge on homeowners’ and other property-related insurance policies beginning in July 2018 and continuing through October, 2025. The monies would be deposited into a new Crumbling Foundation Assistance Fund along with any other funding made available from state and federal sources. Under the bill, homeowners would be eligible for grants of up to $150,000, or 75 percent of the total cost to repair the foundation.
Sen. Osten said any state aid for homeowners should be coupled with a larger infusion of federal aid.
“This crumbling foundations situation has now risen to the point where we have the framework for a legislative solution—but we need federal dollars to make this a complete solution, and our congressional delegation supports seeking those federal dollars,” Sen. Osten said. “We need to take advantage of the federal lines of credit that we have available to us as a state so we can secure more money to fix these crumbling foundations. I am thrilled that we have gotten this far this soon in the legislative session, but we have continue working for those homeowners who are counting on us for a solution. Personally, I can’t wait for the day I get to visit a home whose foundation has been repaired.”
The bill now heads to the Senate floor for consideration.