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Fairfield Daily Voice serves Fairfield, Southport
Fairfield Daily Voice serves Fairfield, Southport

State Offers Loans For Coastal Homeowners In Fairfield

Five Mile River Road in Darien floods during Hurricane Sandy.
Five Mile River Road in Darien floods during Hurricane Sandy. Photo Credit: Casey Donahue, File

FAIRFIELD COUNTY, Conn. -- The state is offering new low-interest loans to shoreline homeowners and businesses in Greenwich, Stamford, Darien, Norwalk, Westport and Fairfield to elevate their buildings to protect from future severe weather and flooding.

Gov. Dannel Malloy announced the new Shore Up CT loans on Monday, July 28. It provides financing for property owners in coastal municipalities located in Flood Zones VE and AE, as defined by the Federal Emergency Management Agency and the National Flood Insurance Program. Formerly known as the Shoreline Resiliency Fund, the program was created by Malloy to focus on assisting residents who do not qualify for federal disaster aid and would have to pay significant out-of-pocket expenses for the preventative upgrades.

“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. “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.”

The terms of the Shore Up CT loan are:

  • 2.75 percent (3.027 percent APR) fixed interest rate.
  • 1 percent origination fee.
  • Borrow $10,000 to $300,000 with 15-year term.
  • No monthly principal or interest payments for the first 12 months.
  • Borrower must maintain property, hazard and flood insurance for the life of the loan.

Eligible properties include:

  • Primary and secondary single-family homes, or one- to four-unit owner-occupied rentals. Single-family homeowners must live in the property at least 14 days per year.
  • Businesses with fewer than 100 employees and in good standing with all state agencies.
  • Subject to coastal flooding and located in either Zone VE or Zone AE in coastline communities as defined by FEMA and NFIP.
  • The coastline municipalities included are: Greenwich, Stamford, Darien, Norwalk, Westport, Fairfield, Bridgeport, Stratford, Milford, West Haven, New Haven, East Haven, Branford, Guilford, Madison, Clinton, Westbrook, Old Saybrook, Old Lyme, East Lyme, Waterford, New London, Groton and Stonington.
  • Must be up-to-date with all local, state, and federal taxes.

For new elevation projects, properties must be elevated at least 1 foot above the 500-year flood height elevation.

Commercial structures must be elevated to the base flood elevation with a free-board clearance of at least 1 foot. The base flood elevation for commercial structures is the 100-year base flood event.

Residents interested in applying for the loan program can now visit www.shoreupct.org and begin the process of submitting an application over the Internet. Additional information about the program can also be found on that website.

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