Florida lawmakers have sent the governor a measure aimed at providing relief for tens of thousands of condominium owners struggling with rising costs in aging buildings.
A law passed shortly after 98 people died in the 2021 collapse of a residential tower in the town of Surfside, located outside of Miami, placed strict new requirements on condominium associations. The law requires condo associations in buildings older than 30 years to conduct regular structural integrity inspections and to fully fund reserves for needed repairs.
Many condo associations missed the first deadline to comply with the law in December. In some older buildings, condo owners are being asked to pay steep special assessments that threaten to force some people out of their homes. The restrictions have helped slow condo sales statewide, especially of units in older buildings. Hearing the outcry from condo owners across the state, Gov. Ron DeSantis, a Republican, urged the legislature to take action.
In response, Florida's House and Senate advanced different bills and, this week, finally agreed on a compromise measure. The bill, which now goes to governor for a signature, pushes back the deadline for completing a structural integrity inspection and allows condo associations a two-year grace period in fully funding reserves. It also allows condo associations that receive approval from a majority of members to secure loans and lines of credit to fund repairs.
The sponsor of the bill in Florida's House, Republican Rep. Vicki Lopez, who represents parts of coastal Miami, said, "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."
Florida's legislature passed a law to address the structural integrity of aging condo buildings in 2022 and amended it a year later. Before the collapse of the Champlain Towers South Building in Surfside, the condo association had delayed some $15 million in repairs needed to address that building's structural damage.
Lawmakers said that the condo safety measures may need more attention in upcoming sessions. In Florida's Senate, Sen. Shevrin Jones, a Democrat who represents Broward County, said, "I'm sure we will have to come back and do more work."
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