Florida Governor Ron DeSantis signed two pivotal pieces of legislation, HB 913 and HB 393, aimed at providing significant relief, enhancing transparency, and strengthening oversight for condominium owners across Florida.
The Governor emphasized that these reforms directly address the concerns of condo owners grappling with rising costs and a lack of accountability within their associations.
“Today in Clearwater, I signed legislation to deliver much-needed relief to condo owners across Florida,” said Governor Ron DeSantis. “We’ve heard the concerns of condo owners throughout Florida, and we are delivering reforms that will provide financial relief and flexibility, strengthen oversight for condo associations, and empower unit owners.”
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HB 913: Prioritizing Financial Relief, Accountability, and Transparency
The newly signed HB 913 introduces comprehensive changes to the regulation of condos and cooperatives, focusing on making mandated safety measures more affordable, increasing accountability for associations, and empowering unit owners.
Key provisions of HB 913 include:
- Affordability of Mandated Safety Measures:
- An immediate one-year extension of the reserve study requirement and a two-year pause in reserve fund contributions to prioritize critical repairs identified in milestone inspections.
- Increasing the replacement cost for repairs required to be reserved and considered in the Structural Integrity Reserve Study (SIRS) from $10,000 to $25,000, allowing focus on more critical repairs.
- Providing alternate funding options and an “on-ramp” for funding items with remaining useful life, offering associations greater financial flexibility.
- Enhanced Accountability for Condo Associations:
- Empowering boards and unit owners to terminate contracts if a manager fails to comply with state condo laws.
- Prohibiting association managers whose license is revoked by DBPR from holding any role in a management firm or being licensed for 10 years.
- Increased Oversight, Transparency, and Owner Empowerment:
- Requiring full disclosure of potential conflicts of interest and mandating competitive bidding for repair contracts to prevent self-dealing and ensure fair value.
- Requiring associations to provide more information and records online, improving accessibility for residents and streamlining document delivery electronically.
- Laying the groundwork for increased participation in community meetings through expanded video conferencing and electronic voting options.
- Mandating condo associations report property information to DBPR and provide additional association details for state regulatory oversight.
- Requiring data sharing among local and state partners to better assess compliance with building safety requirements and understand the impact of reforms.
- Promoting Financial Transparency:
- Including requirements for increased financial transparency and ensuring unit owners have access to their associations’ financial records.
- Allowing associations more time to complete detailed financial reports.
- Requiring funding methods and related details for SIRS to be disclosed to unit owners and potential buyers, and extending the review period for prospective buyers from 3 to 7 days.
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HB 393: Improving the My Safe Florida Condo Pilot Program
HB 393 makes crucial improvements to the My Safe Florida Condo Pilot Program, incorporating valuable feedback from condo owners. These changes aim to make the program more effective and accessible:
- Limiting grant funding to improvements that will result in a mitigation credit, discount, or other rate differential for the building or structure.
- Lowering approval requirements from all unit owners to 75 percent of unit owners who reside in the affected structure.
- Updating eligible improvements to include the replacement of the roof covering.
- Prohibiting a condo from applying for an inspection or a grant if an association has not complied with SIRS and Milestone Inspection requirements.
- Restricting eligibility to buildings that are three or more stories in height and contain at least two single-family dwellings.
These legislative actions mark a significant step forward in safeguarding the investments of Florida’s condo owners, ensuring greater financial stability, transparency, and accountability within condominium communities.
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