On April 18, 2022, Representatives Charlie Crist and Debbie Wasserman Schultz (both U.S. Representatives from Florida) introduced the Securing Access to Finance Exterior Repairs (“SAFER) in Condos Act of 2022.
The bill is designed to address one of the main problems identified following the partial collapse of Champlain Towers South in Surfside, Florida, last year. Although many condominiums may need significant structural repairs, a recurring problem has always been the ability to obtain financing to pay for the costs of those repairs.
Following the collapse, many condominium associations have begun to evaluate their own buildings in earnest and investigate their structural integrity and maintenance needs, especially in aging buildings. The bill is intended to reduce upfront costs to condo owners who must pay special assessments to finance necessary building repairs. The legislation will allow condo owners to combine a special assessment for structural repairs to the condominium with an existing mortgage they may have.
The hope is that it will provide a path for making the needed repairs more affordable to the homeowners who are ultimately responsible to pay for the costs of structural repairs in their condominiums. These new loans may be either 20 or 30-year loans and help to soften the financial blow of paying for needed repairs.
As the text of the bill becomes available we will provide further information.
For questions about condominium safety and what options may exist to fund needed repairs, contact one of the experienced condominium attorneys at Law Firm Carolinas.