DeSantis signs legislation aimed at bringing relief to Florida condo owners

Gov. Ron DeSantis has signed a bill aimed at providing relief to condominium owners who are caught in the middle of new safety rules and the economic realities that come with them.

The bill — HB 913 — was meant to “deliver much-needed relief to condo owners across Florida,” the governor says in a statement, by easing financial constraints and giving unit owners a bit more of a say.

The legislation unanimously passed in the House and Senate earlier this year after legislators passed safety legislation in 2022 and updated it in 2023 in the aftermath of the collapse of the 12-story Champlain Tower South in Surfside June 24, 2021.

The laws required milestone inspections for condominium buildings more than 30 years old and mandated that condominium associations have enough money in reserves to pay for issues affecting the structural integrity of a building and for maintenance identified in a structural integrity reserve study.

A building would have to be inspected once it reaches its 30th birthday — based on when it received its certificate of occupancy.

But the unintended consequence of the legislation was that it put a heavy financial burden on unit owners who were hit with harsh special assessments and rising association costs to cover repairs. It also tanked Florida’s condo market as prospective buyers balked because they would have to pay the higher fees and pay the higher assessments themselves if they bought a unit.

Among the hardest hit were older people who were unable to keep up with the new fees and could not afford to sell because they had lost equity or because rising housing prices in the state meant moving wasn’t an option.

The new law, the governor’s office says, gives associations some relief on the requirements for assessments and flexibility on how to pay for the work that is needed.

HB 913 extends the reserve study requirement for one year and allows for a two-year pause in reserve fund contributions. This, the governor’s office says, prioritizes funding for critical repairs identified in a milestone inspection.

It also allows condominium associations to take out a line of credit for needed maintenance, taking the onus, at least in some part, off unit owners.