Florida’s legislature has approved a bill intended to provide financial relief to condominium owners facing rising costs in aging buildings. The measure follows a previous law that imposed strict regulations on condominium associations, requiring structural integrity inspections for buildings older than 30 years and fully funded reserves for necessary repairs.
These requirements have posed financial challenges for many residents, especially in older buildings where large special assessments have been imposed. Some associations missed the initial compliance deadline in December, leading to concerns among owners and a slowdown in condominium sales across the state.
In response, lawmakers passed a new bill that extends the deadline for completing structural inspections and grants a two-year grace period for fully funding reserves. The bill also allows associations to obtain loans and lines of credit if approved by a majority of members.
Now awaiting the governor’s signature, the legislation aims to strike a balance between ensuring building safety and maintaining affordability for residents. State officials have acknowledged that additional adjustments to condo safety policies may be necessary in future legislative sessions.
