Sen. Fasano Thankful for Long-Awaited Shoreline Aid

July 29, 2014

Hartford – State Senator Len Fasano (R-34), Senate Minority Leader Pro Tempore, released the following statement regarding the governor’s announcement of Shore Up CT, a rebrand of the Shoreline Resiliency Fund including a new website.

“The devastating impact of Hurricane Irene and Super Storm Sandy severely hurt our community and our families. In a time of tragedy and hardship, the state struggled to help those in need and resources were spread thin. Federal funding has been limited in scope and qualifying factors, which is why it is so important that we do more on a state level to help our neighbors rebuild and better protect their homes and families,” said Fasano.

“Today I am happy to see a very long-awaited program finally move forward. The announcement of this program first came in October, on the one year anniversary of Super Storm Sandy. We have waited many months for this aid, and I am very excited to see the new website up and running. ”

Shore Up CT, formerly known as the Shoreline Resiliency Fund, is a low interest loan program managed by the Housing Development Fund and funded by the Connecticut Department of Housing. Property owners in coastal municipalities located in specified flood zones can now apply for loans to finance or refinance property enhancements that will protect them from future damage.

Loan terms include a 2.75 % (3.027% APR) fixed interest rate, 1% origination fee and no monthly principal or interest payments for the first 12 months. Loans allow individuals to borrow $10,000 to $300,000.

Eligible properties include primary and secondary single family homes (which homeowners must live in at least 14 days per year), 1-4 unit owner-occupied rentals, and businesses with less than 100 employees and in good standing with state agencies. To be eligible, properties must be located in specific coastal flood areas (Zone VE or Zone AE areas as defined by FEMA and NFIP) and must be up to date with all taxes.

To learn more or to apply for a loan visit http://www.shoreupct.org/. If you have any questions about the loan program, Senator Fasano encourages residents to contact his office at 800-842-1421 or email [email protected]