Bill Summary: SB00794 - An Act Assisting Homeowners With Crumbling Foundations

• Authorizes the State Health and Educational Facilities Authority to issue bonds for municipalities to finance projects abating concrete foundation nuisances caused by pyrrhotite deterioration that threaten housing stock and municipal economies.

• Permits municipalities to allow property owners to repair or reconstruct damaged properties due to pyrrhotite-affected foundations without obtaining additional permits, provided compliance with State Building Code, Fire Safety Code, and Public Health Code.

• Establishes a collapsing foundations interest rate reduction program administered by the Department of Housing to provide interest rate subsidies on loans for eligible homeowners repairing pyrrhotite-damaged foundations.

• Creates a separate nonlapsing account within the General Fund to fund credit enhancements and interest rate subsidies for qualifying loans made to eligible borrowers.

• Waives state building permit education fees for municipalities that waive their own application fees for permits to repair or replace pyrrhotite-affected concrete foundations.