NEW LONDON, Conn. (AP) — The state of Connecticut is creating a low-interest revolving loan fund to help homeowners and businesses elevate and flood-proof their structures, in preparation for future severe weather and floods.
Governor Dannel P. Malloy announced Tuesday that $2 million in Department of Energy and Environmental Protection funds has initially been set aside for the new program. Malloy said he plans to ask the General Assembly to approve an additional $25 million when lawmakers return in February, but acknowledged more money may be needed. Loans will range from $100,000 to $300,000.
The governor announced the new initiative in the coastal city of New London, on the one-year anniversary of when Superstorm Sandy hit the state.
Many coastal homeowners are facing massive flood insurance premium increases if they don't elevate their properties.
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