There is no doubt: The recent changes to FS 718 have created serious financial hardship for many condo owners, especially families living on a fixed income like Social Security.
Adding the highly increased premiums for property insurance makes it even more difficult for many condo owners to make ends meet.
By the way, the insurance crisis is not just hitting Florida as some media outlets want you to believe, but many other states as well. In some areas of California you can’t even get insurance, not even for a huge premium.
Our elected officials here in Florida have recognized the serious financial issues they created and have been trying to find some ways to ease the financial burden.
Especially Miami-Dade has set a great example for trying to help condo-owners in need. They created the “Condominium Special Assessment Program” (CLICK HERE FOR THE DETAILS).
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The Condominium Special Assessment Program is designed to provide funding assistance to help condominium owners in Miami-Dade County pay for special assessment requirements that arise from rehabilitation and repairs due to applicable building integrity recertification requirements. Qualifying owners making less than 140% of the area median income (AMI) can get up to $50,000 in assistance to pay for these assessments. Individuals earning less than $95,620; couples making less than $109,200; three-person households earning less than $122,920; and households of four making less than $136,500 may be eligible. Surtax funds will be in the form of a loan and the annual household median income may not exceed the maximum limit of 140% as indicated in the Miami-Dade County income limit chart. |
Hopefully some other counties will follow suit in the near future.
The Florida Legislature enacted HB 1029 (My Safe Florida Condominium Pilot Program) – already signed into law by Governor Ron DeSantis.
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My Safe Florida Condominium Pilot Program; Establishes My Safe Florida Condominium Pilot Program within DFS; provides requirements for DFS, wind certification entities, hurricane mitigation inspectors & inspections, inspection & grant applications, mitigation grant eligibility, grant matching & maximum grant amount, mitigation projects & use of grant funds, contracts, & annual report. |
Hopefully many condominium association will make use of this new program.
And even the Feds have a program that may give some financial relief for condo associations. FreddieMac offers the "Condo Project Advisor” -- a program that offers help with necessary loans for construction projects.
Make sure your association is using the financial and project help offered by various government agencies. Make your board is aware that these programs are available.