Florida Lawmakers Address Condo Cost Challenges with New Legislation
Condominium owners across Florida may soon find some relief from the financial pressures of maintaining aging buildings. A new legislative measure is set to ease the burden on thousands of condo owners facing increasing costs due to stringent structural requirements.
Following the tragic collapse of a residential tower in Surfside in 2021 that resulted in 98 fatalities, Florida enacted a law that imposed strict regulations on older condominium buildings. This law mandates that condo associations in buildings over 30 years old conduct regular inspections to assess structural integrity and maintain fully funded reserves for essential repairs.
However, many condo associations failed to meet the initial compliance deadline in December. As a result, some condo owners in older developments are faced with substantial special assessments, creating financial strain that could lead to displacement. The new regulations have also contributed to a slowdown in condo sales throughout the state, particularly affecting older properties. In response to these challenges, Governor Ron DeSantis called upon the legislature to develop a solution.
After extensive deliberations, Florida’s House and Senate have reached a compromise. The proposed bill, awaiting the governor’s signature, extends the deadline for structural inspections and offers a two-year grace period for fully funding reserves. Additionally, it allows condo associations, with majority member approval, to obtain loans and lines of credit to facilitate necessary repairs.
Republican Rep. Vicki Lopez, the bill’s sponsor in the House, emphasized the need for balance, stating, “We have tried to reach that delicate balance between the safety of our constituents as well as understanding the incredible financial impact that sometimes these particular bills that we passed have.”
This legislative action follows earlier efforts to enhance the safety of Florida’s aging condo buildings, particularly after the Champlain Towers South Building in Surfside delayed $15 million in critical structural repairs. Lawmakers acknowledge that further adjustments to condo safety regulations may be required in future legislative sessions. As Sen. Shevrin Jones, a Democrat from Broward County, noted, “I’m sure we will have to come back and do more work.”
This article was originally written by www.npr.org
