Connecticut Senate Bill SB00557

Connecticut 2013 Regular Session

• Introduced: 1/24/13
• Refer: 1/24/13

Caption

An Act Establishing A Low Interest Loan Program For Shoreline Homeowners To Enable The Raising Of Such Homes.

Impact

If enacted, SB00557 would amend existing state statutes to introduce this loan program, providing a crucial financial resource for homeowners who need to undertake significant structural modifications for flood compliance. The legislation reflects an acknowledgment of the challenges faced by shoreline homeowners in meeting federal regulations and aims to reduce the economic burden of such modifications. This initiative could lead to increased resilience in vulnerable communities, potentially protecting both property and lives from future flood risks.

Summary

SB00557, proposed by Senator Fasano, aims to establish a low-interest loan program specifically for homeowners situated in designated 'V' or 'VE' zones as determined by federal flood insurance maps. The program intends to facilitate the elevation of homes to comply with federal flood protection standards, which is essential for homeowners looking to safeguard their properties against flooding. By providing financial assistance of up to seventy thousand dollars or 70% of the total elevation cost, the bill seeks to make compliance more manageable for affected residents.

Contention

While the bill addresses critical environmental and safety concerns, it may also be the subject of debate regarding the allocation of state funds and the means of financing the proposed loan program. Critics may argue about the state’s responsibility in funding such programs versus the federal government, particularly in providing assistance for compliance with federally mandated standards. Additionally, there could be discussions around the effectiveness of low-interest loans in encouraging homeowners to elevate their properties versus other possible regulatory approaches, including outright grants or stricter building codes.