Florida condominium owners will see some relief after Governor Ron Roanis Signed a Mettest Condominium Reform Bill on Wednesday.
The HB 913 is aimed at supporting Kondo owners who are struggling with Hoa jumps. With the signature of the governor, he now becomes a law and will enter into force on July 1.
After the 2021 collapse of the Surfside Champlain South Condo towers, which killed 98 people, apartments over 30 years old (and three floors) were hit with new safety laws requiring “basic” checks and enhancement of repair and maintenance reserve.
HB 913 aims to help owners with cost without sacrificing safety.
“This bill comes from a lot of listening to the owners who talk about how they know their building should be safe, but prays that the process is fair and working,” claims Senator Jennifer Bradley (R-Fleming Island), which leads the efforts to deal with the worries of Kondo’s owners, Bill said during a debate. “With each main inspection, our apartments become more favorable, but the financial impacts are reflected.”
In April, both Florida legislation voted unanimously to accept Bill 913 of the house, turning to endless complaints about increasing fees for condominium owners, despite the retreat by Desantis.
In essence, the bill would help the condominium associations in the creation of credit lines and invest funds that would contribute to the necessary repairs of buildings instead of immediately looking for the owners for the money.
“You had people who would be pushed out of their apartments potentially because of the legislation that came down the pipe,” Outantis said during May 20 in Tampa, citing the latest safety laws, as NBC Miami reported.
(Getty Images)
What is HB 913?
The bill will help some condominium associations in certain situations use special estimates, credit lines or loans to finance their reserves and to recruit reserve accounts – mainly downloading the pressure of Kondo owners who were suddenly facing excessive fees.
The 191 pages bill had additional provisions:
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It prohibits a person whose license for the Community Association Manager is canceled by the fact that there is an indirect or direct interest in property or is an employee, partner, employee, director or trustee of a Community Management Firm for a particular time frame.
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It requires a licensee to create and maintain an online licensing account with the Ministry of Business and Professional Regulation.
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It requires a manager of the Community Association to be identified in his online account to licensing certain information.
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Requires a licensee to provide specific information about his online licensing account.
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It requires such information to be updated within a specified period.
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It requires a Community Management Company to identify in its online licensing account that the managers of the Community Association uses to provide Community management services.
The bill is aimed at providing transparency and accountability to avoid another Condo Surfside collapse.
The owners hope to quickly see relief. The sharp rise in Condo fees has an impact on the older apartments for sale. Housing owners are obsessed with rising HOAs, except that they cannot sell their apartment.
“Future buyers are more preferable now, often require reports on structural inspections before making a purchase,” “” Miltiadis chestnutDirector of New Development Sales at Compass Development Marketing Group, told Realtor.com. “This caution has led buyers to transfer their interests to larger buildings, as the cost of older buildings is higher. The new products of the Condo are sold at higher prices.”