Florida owners get financial relief under a new law | Company Business News

Florida Condominium residents who, with the sharp cost of improving the construction of building building building, will receive financial relief in terms of a new bill signed by Republican Governor Ron Desantis on Monday. The new measure gives apartments homeowners more flexibility in building their reserve funds and facilitates the requirements for safety judgments. Approval came the day before the fourth anniversary of the partial collapse of Champlain Towers South, who killed 98 people in Surfside in 2021. The new law comes into effect on July 1 and is aimed at reforming a law on the security of the apartment in 2022 in the wake of the disaster. The Republican State Sen. Ed Hooper said during the signing of the bill on Monday that the law of 2022 was intended to ensure that there was never another collapse such as Surfside. In retrospect, he said that some of the requirements issued were probably an overreaction, which lawmakers now hope to correct. “Now it’s time to make the change,” Hooper said. ‘Elderly people lose their condos because they couldn’t afford to raise their monthly hoa fees. It’s just wrong. ‘ Condo owners in Florida faced rising costs under the 2022 Act, which requires Condo associations to have sufficient reserves to cover major repairs. In the aftermath of the Surfside disaster, some residents were caught off guard by solid fees charged to cover years of deferred maintenance expenses needed to comply with their buildings to the 2022 legislation. The increasing cost of covering renovations and building reserve funds has tense residents in the Condo Haven of South Florida, especially retirees and those living on fixed income. Condo owners along the southwestern coast of the state have the extra hit of last year’s back-to-back Curane, confronted by the Waterfront in the Tampa Bay area and forced extra renovations and repairs. “It’s a full -time job for me to watch it,” Earle Cooper, owner of the apartment, said about the repairs to his Belleeair building. “Hurricanes just multiply the problems.” The new measure enables certain apartment associations to finance their reserves through a loan or credit line. It also gives residents a greater flexibility to wait payments in their reserve funds, while prioritizing the necessary repairs and extending the deadline for associations to the complete structural integrity studies. Some smaller buildings will be released from the analyzes. “I think it will provide relief,” Desantis said. “But to the extent that there must be some clearance next year when the legislature compiles again, we must be prepared to do so.” ___ Kate Payne is a Corps member of the Associated Press/Report for America Statehouse News Initiative. Report for America is a non -profit national service program that places journalists in local news rooms to report on national issues.