Aug. 06--WEST HAVEN -- Residents who live near the shore who might want to elevate their homes can get information about a new state loan program at a meeting scheduled for Aug. 28, Mayor Ed O'Brien said this week.
The city will host the informational meeting on the state's new Shore Up CT loan program at 7 p.m.Aug. 28 in the Savin Rock Conference Center, 6 Rock St., O'Brien said in a press release.
Shore Up CT, which Gov. Dannel P. Malloy announced last week, is one of the first programs of its kind in the United States to provide state revolving loan funds to assist in the recovery process of those affected by storms Irene and Sandy, the release says.
The program, funded by the Connecticut Department of Housing, aims to safeguard Connecticut's coastal homes from future storms by helping residents to elevate shorefront homes that lie within federally-designated flood zones, he said.
It offers low-interest financing to coastal property owners who live within Federal Emergency Management Agency and National Flood Insurance Program-designated flood zones VE and AE, O'Brien said.
Staff members from the state Housing Development Fund, which will administer the program, will discuss the program's goals, project requirements and guidelines, he said.
They also will field questions.
For additional information about the loan program, visit www.shoreupct.org. Applications are available online. There is no deadline to submit them.
Previously known as the "Shoreline Resiliency Fund," the program reportedy was designed with a particular focus on helping residents who do not qualify to receive federal disaster aid.
"With continued severe weather impacting Connecticut, 'Shore Up CT' is a forward-thinking approach to assist our state's residents by taking action and fortifying our infrastructure before the next storm causes even greater damage to homes and businesses," Malloy said in the release announcing Shore Up CT.
"Preparing for and adapting to a changing environment is something we must address over the long term, and that's exactly what we're setting out to accomplish with this loan program," he said.
According to the governor's release, the terms of the "Shore Up CT" loan are as follows are 2.75 percent (3.027 percent APR) fixed interest rate, with a 1 percent origination fee. Borrowers may borrow $10,000 to $300,000 with a 15-year term, with no monthly principal or interest payments for the first 12 months.
Borrowers must maintain property, hazard and flood insurance for the life of the loan.
Eligible properties include primary and secondary single family homes or 1-4 unit, owner-occupied rentals. Single-family homeowners must live in the property at least 14 days per year. The program also is open to businesses with fewer than 100 employees that are in good standing with all state agencies.
The Shore Up CT program also is available for shore-area residents of Greenwich, Stamford, Darien, Norwalk, Westport, Fairfield, Bridgeport, Stratford, Milford, New Haven, East Haven, Branford, Guilford, Madison, Clinton, Westbrook, Old Saybrook, Old Lyme, East Lyme, Waterford, New London, Groton, and Stonington.
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