Gov. Dannel Malloy announced initial funding of $2 million for the Connecticut Shoreline Resiliency Fund, a low-interest loan program to help residents elevate their homes and flood-proof their businesses in areas prone to coastal flooding.
The funding, which the State Bond Commission is expected to approve at its Jan. 9 meeting, will help provide administrative support for the program, according to Malloy.
"Superstorm Sandy and Tropical Storm Irene ravaged many of Connecticut's shoreline communities. While the effort to rebuild is under way, we must make sure that when we rebuild, we are also mitigating the impacts of future storms," Malloy said in a Jan. 2 statement. "This funding is an important first step."
The Connecticut Department of Housing will select a nonprofit lender to manage the program. It will issue a request for proposals in the coming weeks. In addition, Malloy intends to work with the state legislature on securing additional funding authorization for the program during the 2014 legislative session.
Announced at the end of October, the fund will provide loans of up to $300,000 for 10 years with no principal or interest for one year.