Miami-Dade County is pressing pause on
some financial relief for condo owners.
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The Condominium
Special Assessment Program will be temporarily paused
beginning next Tuesday, Aug. 5 and is set to resume in 2026.
"The pause is because we've been extremely successful with
the program," Nathan Kogon, the county's public housing
director, said. "We have currently an additional 500
applications that are being processed by the department
which equals a total value of about $15 million."
The loan program has been a lifeline for hundreds of
residents trying to stay in their homes while paying for
essential repairs.
Rising special assessments are part of condo life in South
Florida, especially after strict legislation passed in the
wake of the deadly Surfside collapse in 2021.
Assessments are meant to ensure building safety and
integrity at the cost of condo owners, sometimes to the tune
of tens of millions of dollars. |
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Miami-Dade County is putting a pause on a much-needed
loan program that helps condo owners pay for those dreaded condo
special assessment fees.
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That's where the
Miami-Dade program has offered some relief in the form of
low or no-interest loans to pay those costs.
County leaders say the program pause will allow Miami-Dade
to finalize pending loans, improve quality control, and
improve the application process.
As of June 30, the county had closed almost 1,500 loans
totaling nearly $40 million.
