SB 00806 Summary

• Establishes the Crumbling Foundation Assistance Fund financed by a $12 annual surcharge on homeowners, renters, condominium, and unit owners' association insurance policies issued on or after July 1, 2018, with surcharge terminating October 1, 2025.

• Creates the Crumbling Foundation Assistance Program administered by the Capitol Region Council of Governments to provide grants up to $150,000 or 75% of repair costs (whichever is less) for owners of residential buildings with foundations deteriorating due to pyrrhotite, contingent on qualified test results and insurance denial of liability.

• Establishes a Crumbling Foundation Oversight Committee composed of elected officials, state commissioners, and council representatives to assess program development and submit annual reports to the General Assembly.

• Allows two or more municipalities to jointly borrow funds through the State Health and Educational Facilities Authority to finance foundation abatement projects, and permits municipalities to waive building permit application fees for pyrrhotite-related repairs.

• Creates a Collapsing Foundations Interest Rate Reduction Program administered by the Department of Housing to provide interest rate subsidies for loans to eligible property owners repairing foundations damaged by pyrrhotite.