Florida condo reform bill heads to governor's desk
Florida House Bill 913, which aims to balance condo safety with costs, is headed to Gov. Ron DeSantis.
Gov. Ron DeSantis has made changing condo laws one of his top priorities for this year's session.
If the governor signs the bill, it will take effect July 1.
TALLAHASSEE, Fla. - Condo owners across Florida could soon get some financial relief.
House legislators unanimously passed House Bill 913 on Wednesday – a measure that aims to balance safety and financial flexibility.
The backstory
The rising condo costs in recent years come from regulations that followed the 2021 Surfside condo collapse in South Florida meant to prevent another tragedy.
Some of those regulations include requiring condos to conduct milestone building inspections, and structural integrity reserve studies to determine how much money should be set aside for future major repairs.
This, though, has come at a cost to homeowners that's on top of their regular fees. The bill allows condo associations to use loans or lines of credit to pay for repairs.
PREVIOUS: DeSantis continues to battle state legislatures over condo relief measures
What they're saying
"It provides financial flexibility," said State Sen. Jennifer Bradley, R-Fleming Island, who sponsored the Senate version of the bill. "If an association wants to take out a line of credit or a loan or a special assessment, I want to make sure associations have a plan to be able to repair and replace. It's not imperative to me that it's all cash."
Sen. Bradley and Rep. Vicki Lopez, R-Miami, who sponsored the House version of the bill, have partnered together over the past few years to address condo safety legislation. They say this latest legislation lessens the burden of costs for homeowners.
READ: Gen Z and millennials have regrets over home purchases, study finds
Dig deeper
The legislation also allows condo associations to temporarily pause reserve fund contributions for up to two years. Lawmakers say a temporary pause in reserve funding for two years immediately following a milestone inspection gives condo associations "critical flexibility" in meeting reserve requirements, and homeowners some relief too.
The bill also requires architects, engineers and contractors who bid on milestone inspections to disclose if they plan to bid on related maintenance or repairs too. Gov. Ron DeSantis has made changing condo laws one of his top priorities this session. The bill is now headed to his desk.
What's next
If the governor signs the bill into law, it will go into effect on July 1.
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The Source
Information for this story was gathered by FOX 13's Kailey Tracy.
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