Bills advance in Florida Legislature to ease financial burden on condo owners
Bills to help condo owners manage high costs from safety inspections and structural integrity reserve studies, required for condominium associations after the deadly 2021 Champlain Towers South collapse in Surfside, are progressing through the Florida Legislature.
After the collapse killed 98 people, lawmakers passed laws in 2022 and refined them in 2023 to ensure condo safety. However, these laws led to higher costs for residents.
On Tuesday, Florida House and Senate committees approved plans to revamp laws dealing with condo associations. The new bills — HB 913 and SB 1742 — aim to revamp laws governing condo associations.
Sponsored by Rep. Vicki Lopez (R-Miami) in the House and Sen. Jennifer Bradley (R-Fleming Island) in the Senate, the bills propose allowing condo-association boards to obtain lines of credit. The change is intended to help residents manage the financial difficulties associated with necessary repairs and reserve building.
Currently, the House bill is set to be reviewed by the full House, while the Senate version must still pass through the Rules Committee before reaching the full Senate. These legislative efforts aim to offer financial relief to condominium owners while maintaining the safety and integrity of their homes.
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New York Post
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