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Legislation Addresses Crumbling Home Foundations in Connecticut

Legislation Update
October 1, 2019

Source: Connecticut General Assembly

Additional Resource:

Patch (Oct. 1 Means New Laws, Taxes In CT: Here’s The Full List)

PA 19-192–sHB 7179
AN ACT CONCERNING CRUMBLING CONCRETE FOUNDATIONS.

To (1) require the Commissioner of Housing to establish a grant program to support the development of methods and technologies that reduce the average cost of repairing and replacing concrete foundations in this state that have deteriorated due to the presence of pyrrhotite, (2) establish an innovation board to review applications for grants filed as part of such program, (3) appropriate the sum of eight million dollars to fund grants awarded as part of such program, (4) modify the Healthy Homes Fund surcharge, and (5) redefine the term “residential building” as such term applies to various statutes concerning crumbling concrete foundations.

Similar Enacted Bills: Session Year 2019

sHB 7286
AN ACT CONCERNING HOME INSPECTORS AND APPRAISERS.

To allow certified home inspectors to inspect certain building foundations and to require appraisal management companies to compensate appraisers fairly.

Signed by Governor: 7/9/19
Effective Date: 10/1/19

Similar Proposed Bills: Session Year 2019

HB 5163
AN ACT CONCERNING DEFICIENCY JUDGMENTS AND RESIDENTIAL PROPERTIES WITH A CONCRETE FOUNDATION AFFECTED BY PYRRHOTITE.

To (1) prohibit deficiency judgments on mortgage loans where the property secured by the mortgage has a crumbling concrete foundation, (2) prohibit mortgage lenders and mortgage correspondent lenders from denying an application for a residential mortgage loan based solely on certain prior defaults, conveyances or foreclosures by the applicant, and (3) prohibit mortgage lenders and mortgage correspondent lenders from reporting to credit rating agencies that mortgage loans secured by property with a crumbling concrete foundation are subject to a deficiency judgment.

HB 5164
AN ACT PROHIBITING THE LENDER OF A HOME EQUITY LOAN FROM SEEKING A DEFICIENCY JUDGMENT AGAINST CERTAIN BORROWERS.

To protect homeowners with crumbling foundations from a deficiency judgment on a home equity loan.

HB 5432
AN ACT CONCERNING THE FORECLOSURE MEDIATION PROGRAM.

To protect a homeowner who is subject to foreclosure as the result of owning a home with a crumbling foundation.

HB 5890
AN ACT CONCERNING THE REASSESSED VALUE OF A RESIDENTIAL BUILDING WITH A FOUNDATION MADE WITH DEFECTIVE CONCRETE.

To allow an owner to request and require a municipality to apply retroactively the reassessed value of a residential building with a foundation made with defective concrete to the date such owner purchased or received such building.

HB 5969
AN ACT ESTABLISHING A COLLAPSING FOUNDATIONS LOAN PROGRAM TO PROVIDE LOW-INTEREST LOANS TO CERTAIN PROPERTY OWNERS.

To provide low-interest loans to property owners who (1) have received the maximum amount of financial assistance provided by the captive insurance company for the purpose of repairing or replacing a concrete foundation that has deteriorated due to the presence of pyrrhotite, and (2) require additional funding for such repair or replacement.

HB 6040
AN ACT REQUIRING THE INSPECTION OF CERTAIN RESIDENTIAL BUILDINGS BY A HOME INSPECTOR AND AN ENGINEER PRIOR TO THE TRANSFER OF TITLE.

To require owners of certain residential buildings to retain a home inspector and an engineer to prepare inspection reports concerning such buildings prior to transferring title to such buildings.

HB 6557
AN ACT CONCERNING THE REASSESSMENT OF RESIDENTIAL BUILDINGS MADE WITH DEFECTIVE CONCRETE.

To increase the number of assessment years for which a reassessment of the value of a residential building made with defective concrete shall be applicable.

HB 6659
AN ACT REQUIRING SELLERS OF RESIDENTIAL PROPERTY TO DISCLOSE THE PRESENCE OF PYRRHOTITE IN RESIDENTIAL CONDITION REPORTS.

To require persons selling residential property in this state to disclose the presence of pyrrhotite.

HB 6750
AN ACT EXPANDING THE DEFINITION OF “RESIDENTIAL BUILDING” IN STATUTES PROVIDING ASSISTANCE TO CERTAIN HOMEOWNERS.

To revise the definition of “residential building” to include any condominium unit or dwelling in a planned unit development.

SB 907
AN ACT CONCERNING THE RESIDENTIAL DISCLOSURE REPORT AND CRUMBLING CONCRETE FOUNDATIONS.

To require a seller to disclose to a purchaser in the “Residential Condition Report” any facts that are within the seller’s actual knowledge concerning (1) the presence of pyrrhotite in the concrete foundations located on the seller’s property, (2) any testing or inspection done by a licensed professional to determine whether such foundations contain pyrrhotite, (3) any foundation deterioration, problems or settling caused by the presence of pyrrhotite in such foundations, and (4) any repairs to remedy such deterioration, problems or settling.

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CEO

Alan Jaffa

Alan Jaffa is the Chief Executive Officer for Safeguard Properties, steering the company as the mortgage field services industry leader. He also serves on the board of advisors for SCG Partners, a middle-market private equity fund focused on diversifying and expanding Safeguard Properties’ business model into complimentary markets.

Alan joined Safeguard in 1995, learning the business from the ground up. He was promoted to Chief Operating Officer in 2002, and was named CEO in May 2010. His hands-on experience has given him unique insights as a leader to innovate, improve and strengthen Safeguard’s processes to assure that the company adheres to the highest standards of quality and customer service.

Under Alan’s leadership, Safeguard has grown significantly with strategies that have included new and expanded services, technology investments that deliver higher quality and greater efficiency to clients, and strategic acquisitions. He takes a team approach to process improvement, involving staff at all levels of the organization to address issues, brainstorm solutions, and identify new and better ways to serve clients.

In 2008, Alan was recognized by Crain’s Cleveland Business in its annual “40-Under-40” profile of young leaders. He also was named a NEO Ernst & Young Entrepreneur Of The Year® Award finalist in 2013.

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Esq., General Counsel and EVP

Linda Erkkila

Linda Erkkila is the General Counsel and Executive Vice President for Safeguard Properties, with oversight of legal, human resources, training, and compliance. Linda’s broad scope of oversight covers regulatory issues that impact Safeguard’s operations, risk mitigation, strategic planning, human resources and training initiatives, compliance, insurance, litigation and claims management, and counsel related to mergers, acquisition and joint ventures.

Linda assures that Safeguard’s strategic initiatives align with its resources, leverage opportunities across the company, and contemplate compliance mandates. She has practiced law for 25 years and her experience, both as outside and in-house counsel, covers a wide range of corporate matters, including regulatory disclosure, corporate governance compliance, risk assessment, compensation and benefits, litigation management, and mergers and acquisitions.

Linda earned her JD at Cleveland-Marshall College of Law. She holds a degree in economics from Miami University and an MBA. Linda was previously named as both a “Woman of Influence” by HousingWire and as a “Leading Lady” by MReport.

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COO

Michael Greenbaum

Michael Greenbaum is the Chief Operating Officer of Safeguard Properties, where he has played a pivotal role since joining the company in July 2010. Initially brought on as Vice President of REO, Mike’s exceptional leadership and strategic vision quickly propelled him to Vice President of Operations in 2013, and ultimately to COO in 2015. Over his 14-year tenure at Safeguard, Mike has been instrumental in driving change and fostering innovation within the Property Preservation sector, consistently delivering excellence and becoming a trusted partner to clients and investors.

A distinguished graduate of the United States Military Academy at West Point, Mike earned a degree in Quantitative Economics. Following his graduation, he served in the U.S. Army’s Ordnance Branch, where he specialized in supply chain management. Before his tenure at Safeguard, Mike honed his expertise by managing global supply chains for 13 years, leveraging his military and civilian experience to lead with precision and efficacy.

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CFO

Joe Iafigliola

Joe Iafigliola is the Chief Financial Officer for Safeguard Properties. Joe is responsible for the Control, Quality Assurance, Business Development, Marketing, Accounting, and Information Security departments. At the core of his responsibilities is the drive to ensure that Safeguard’s focus remains rooted in Customer Service = Resolution. Through his executive leadership role, he actively supports SGPNOW.com, an on-demand service geared towards real estate and property management professionals as well as individual home owners in need of inspection and property preservation services. Joe is also an integral force behind Compliance Connections, a branch of Safeguard Properties that allows code enforcement professionals to report violations at properties that can then be addressed by the Safeguard vendor network. Compliance Connections also researches and shares vacant property ordinance information with Safeguard clients.

Joe has an MBA from The Weatherhead School of Management at Case Western Reserve University, is a Certified Management Accountant (CMA), and holds a bachelor’s degree from The Ohio State University’s Honors Accounting program.

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Business Development

Carrie Tackett

Business Development Safeguard Properties