Florida lawmakers have approved a bill to amend a condominium safety law enacted after the Champlain Towers South collapse in Surfside, which killed 98 people. The original 2022 law imposed high costs on condo owners by mandating sufficient reserves for major repairs and periodic reserve surveys, leading to financial strain, especially for retirees. The new bill introduces flexibility by allowing condo associations to use loans or lines of credit to fund reserves, extending the deadline for structural integrity studies, and providing exemptions for smaller buildings. This legislation seeks to balance safety with financial burdens, ensuring that necessary repairs are prioritized without compromising safety standards. The bill now awaits the signature of Governor Ron DeSantis to become law.

The bill approved by Florida lawmakers aims to amend a 2022 condominium safety law enacted after the Surfside collapse, which claimed 98 lives, by providing more flexibility and reducing the cost burden on condo owners.

The 2022 law required condo associations to maintain sufficient reserves for significant repairs and conduct a decadal reserve survey, which led to increased fees and financial strain on many residents, particularly retirees and those on fixed incomes.

The newly approved bill allows condo associations to leverage loans or lines of credit for funding reserves, offering a more flexible financial approach to managing required maintenance and repairs.

In an effort to alleviate financial pressures, the bill permits residents to pause reserve payments while prioritizing essential repairs, and extends the deadline for completing mandatory structural integrity studies.

Certain smaller buildings are exempted from undertaking structural analyses under the new bill, reducing the regulatory burden on these properties.

The legislation seeks to maintain safety without imposing excessive financial burdens, striking a balance between ensuring structural integrity and accommodating the financial realities faced by condo owners.

The bill is now awaiting the signature of Governor Ron DeSantis to be enacted into law, representing ongoing efforts by Florida lawmakers to address both safety and financial concerns in condominium management.