Condo owners in the Heron community in West Kendall are facing a steep $3.4 million special assessment following a mandatory 40-year recertification, leaving many fearing financial ruin as they brace for a vote that could determine how or whether they will be able to keep their homes.

Many residents said the timeline and lack of transparency from their condo board have added stress to an already desperate situation. With a payment plan potentially starting next month, homeowners are sounding the alarm, saying the costs are unaffordable and may drive some out of their homes. Residents said assessment threatens their homes According to a 14-page notice from the condo association, the $3.4 million is needed for roof repairs, building improvements, waterproofing, and other structural work flagged by Miami-Dade County during the recertification process. "They're not against the special assessment," said Mayra Rodriguez, a resident speaking on behalf of several homeowners. "They're just saying, why so much?"

On Wednesday evening, condo owners will vote on how to fund the work. The board has proposed two options: a 10-year bank loan that would cost each unit owner $154 per month, or a one-time self-funded assessment of $13,200. If the loan option is not approved by at least 66% of owners, the lump-sum plan will go into effect, with payments potentially beginning in June.

"That's $3,300 every three months," Rodriguez explained. "Most people here just can't afford that."

Board cites urgency, residents demand transparency

Miami-Dade County has posted code violation signs throughout the property, underscoring the urgency of the repairs. The condo board says delaying the work is not an option.

"Not performing the work required by Miami-Dade is not an option," said Reinaldo Castellanos, who identified himself as the general counsel for Heron. "The association must find a way to complete the work required to recertify the 28 Heron buildings."

Still, homeowners like Jose Redondo question how their monthly dues — $260 per unit — have been managed. "Where is all the money we've been paying for?" he asked.

Rodriguez and others said communication from the board has been poor. "We need transparency," she said. "Homeowners have asked questions, and they don't send any information."

Hope in state legislation, but help may come too late

State Rep. Juan Carlos Porras, who represents the Heron community, is a co-sponsor of a bill that could provide financial assistance for condo owners facing burdensome assessments.

The legislation has passed the Florida Legislature and is awaiting the governor's signature.

"I would say that they should wait until this legislation is passed so that they don't have to, one, have an emergency special assessment, and two, not have to have that self-funded assessment," Porras told CBS News Miami.

But residents said they may not have the luxury of waiting. With the board possibly demanding payment next month, the timing of the legislation could come too late for many.

"I'm on a fixed income," said Lillian Bernal, who also cares for her elderly mother. "There's no way I can pay something like that."

The meeting between the condo board and homeowners was held Wednesday at 7 p.m.