Latest news with #HouseBill913
Newsweek
20-06-2025
- Business
- Newsweek
What Condo Reform Bill Means for Florida
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Florida Governor Ron DeSantis signed a bill on Wednesday reforming the recently implemented building safety legislation that has thrown the state's condo market into chaos, hoping to offer owners some relief from rising costs. What Problem Is the New Bill Addressing? The Sunshine State—especially its southern region—has been brewing a condo crisis over the past year, as the coming into effect of a law requiring inspections and reserves for condo buildings has led to significant financial burden for owners. The new legislation was passed in the aftermath of the deadly collapse of the Champlain Towers South building in Surfside in June 2021 which killed 98 people. In an aerial view, the city of Miami skyline, where many renters reside in the apartment buildings on September 29, 2021, in Miami, Florida. In an aerial view, the city of Miami skyline, where many renters reside in the apartment buildings on September 29, 2021, in Miami, an investigation found that structural issues with the building and delayed maintenance had led to the tragedy, lawmakers introduced new requirements demanding that all condos three stories or higher undergo regular inspections and that condo associations put aside sufficient funding to conduct necessary maintenance and repair work. While well-intended, the legislation had the unpleasant consequence of raising costs significantly for condo associations and owners. In an attempt to escape rising costs which they often cannot afford, hundreds of condo owners have been trying to sell their properties, leading to a surge in for-sale inventory across the state at a time when demand is sinking. Many are now stuck inside units that promise to cost them increasingly higher fees, while some might even lose their homes because of expenses they cannot shoulder. What the New Bill Signed by DeSantis Changes? House Bill 913, which the Republican governor had strongly pushed for, aims to balance the safety requirements introduced by legislation passed after the deadly Surfside collapse with more financial flexibility for homeowner associations and condo owners. Crucially, the bill does not eliminate the requirement for regular inspections or for the creation of a reserve fund for future maintenance, but it gives condo associations more time to get it in place. "The immediate impact is that condo associations now have much more flexibility and uniformity when it comes to reserve requirements," Robert G. Smith, president of property management company FirstService Residential's South Region, told Newsweek. "Instead of being required to fully fund reserves right away, they can now prioritize urgent repairs first—especially those flagged during inspections." Under the legislation signed by DeSantis on Wednesday, condo associations can temporarily pause reserve fund contributions for up to two years. In short, the new bill "gives associations time to focus on what matters most," Smith said. "It also introduces a standardized format for reserve studies, bringing more consistency and clarity." Additionally, HB 913 allows condo associations to use alternative funding methods, like loans or lines of credit, to meet reserve obligations. "That's a major relief for boards who are feeling the financial pressure," Smith said. Will The New Bill Help Florida Condo Owners? "When it comes to condo safety, this bill gives owners much-needed breathing room," Smith said. "One unique concern we've consistently heard from our boards is the frustration with being required to fund reserve studies that don't reflect real-time repair efforts," he added. "This bill directly addresses that issue by allowing associations to complete critical repairs first and conduct updated reserve studies based on the building's current condition. It's a more practical approach that recognizes the proactive work our boards are already doing—and it clearly shows that their voices are being heard in the legislative process." Juan Arias, South Florida-based director of market analytics at is less optimistic about the positive impact of the bill. "While the law is positive, it is unlikely to drive a significant shift in pricing trends," he told Newsweek. "The headwinds of elevated financing costs, HOA costs, assessments and slower employment gains still remain." While the bill is a move in the right direction, he said, "further extensions to meeting milestone deadlines will remain increasingly unlikely as lawmakers weigh the benefits for current condo owners v. the potential of another building collapse." Kat Amador, partner and real estate attorney with Berger Singerman, agrees that "for many struggling condo owners, the bill doesn't go far enough," she told Newsweek. The bill checks some boxes, she said, but leaves big gaps, especially on how enforcement and affordability challenges will actually be handled. "It puts new responsibilities on DBPR [Florida Department of Business and Professional Regulation] local agencies but doesn't address whether they have the staff or resources to enforce them effectively. Worse, it leaves unresolved the ongoing inconsistencies between agencies," she said. "And while the bill offers funding flexibility for associations, it does nothing for low-income owners who simply can't afford massive assessments," Amador said. "In my practice, I regularly see owners forced to sell below market because buyers discount for looming repair costs. It's even worse when owners can't afford repairs at all, leaving the building tagged as unsafe," she added. "Unit owners are forced to move out, stuck with huge costs for a home they can't use, and hoping someone will buy fast." For Amador, there is still space for further changes to the legislation in the future. "Florida is often informally referred to as 'the condo state' and for good reason. Much of our coastline is developed into high-rise condo buildings to maximize oceanfront views and density," she said. "Several issues such as implementation challenges, funding shortfalls, gaps in enforcement and mandating annual adjustment thresholds for inflation, especially when you take into account the increasing costs of construction and insurance, will likely bring about additional reforms as associations deal with compliance with financial requirements and safety regulations." Are you a Florida condo owner? I'd like to hear your opinion on the new bill and whether you think it goes far enough to help you. Email me at
Yahoo
10-06-2025
- Business
- Yahoo
Condo bill passed to protect condo owners from rising costs. Will DeSantis sign HB 913?
In trying to solve one huge problem, Florida lawmakers added a big headache for condo owners in the form of a sudden need for a lot of money. A bill passed this legislative session is intended to alleviate the financial pressure a bit. In 2021, a 12-story condominium in Surfside collapsed without warning, leaving 98 people dead. Investigations into the cause discovered degraded concrete supports from water penetration, among other issues, and delays in maintenance. Lawmakers responded to the deadly event and the likelihood of future tragedies by overhauling state condo laws and mandating all condo developments over 30 years old — which is about two-thirds of all condos in Florida —to undergo "milestone inspections," and all condos three stories or higher to get "structural integrity inspections." Condo associations were ordered to maintain enough reserve funds to cover any necessary maintenance or repair those inspections turned up. However, many condo associations didn't have that much money in reserves, and for some the amount required to be in compliance was staggering. Condos scrambled to catch up and many hiked up condo association fees — in some areas drastically — or added assessment fees to make up the cash before the deadlines. Rising insurance premiums from last year's powerful storms haven't helped, either. All of that has resulted in an exodus for residents who could afford to move (or were abruptly priced out of their homes) and much higher monthly bills for those who stayed. Sales of condos in Florida are also down. House Bill 913, which overwhelmingly passed in the House and unanimously passed in the Senate, seeks to lighten the load while still addressing dangerous structures in the state. It pushes the structural integrity inspection deadline off a year for some condo associations, allows associations in some situations to use special assessments, lines of credit or loans to fund their reserves and to pool reserve accounts, and changes which buildings need structural integrity inspections, among other things. As of June 10, HB 913 has been enrolled (passed by the Legislature) to be turned into an act to present to Gov. Ron DeSantis to sign, but it has not been sent to him yet. DeSantis initially called for a special session in January to address rising condo costs, among other issues, but the Legislature pushed it off until the regular session when they'd have more information. The governor said in early May that at first he preferred the Senate version of the bill (SB 1742, from Sen. Jennifer Bradley, R-Fleming Island) because he felt it was geared more toward condo owners than developers, but most lawmakers made substantial adjustments to their bills before passage. 'It should have been done in January," he said at a stop in Miami. "It did get done. I'm glad that the Bradley bill is basically what passed.' Lawmakers take on condo fees: 8 Florida condo bills aim to ease, relax burden of inspections. Here are the details HB 913, from Rep. Vicki L. Lopez, R-Miami, is a big bill that seeks to protect condo owners and clarify association accountability and responsibilities. Among its many changes, the bill: Extends the deadline for certain associations to have a structural integrity reserve study (SIRS) to Dec. 31, 2025, rather than Dec. 31, 2024 Changes requirement for mandatory structural inspections to apply to buildings that are three habitable stories or more, rather than just three stories or more, adds four-family dwellings Allows condo association members to vote to create special assessment or secure a line of credit or a loan to fund the maintenance reserves required by law Allows condo associations to pool for two or more required components rather than earmarking amounts for each item, without a vote of the unit owners Allows condo associations to invest reserve funds in certificates of deposit or depository accounts without a vote of the unit owners Changes the minimum deferred maintenance expense or replacement cost for reserve fund budgeting from $10,000 to $25,000, to be adjusted annually for inflation Allows multi-condominium associations to use approved alternative funding method to satisfy reserve funding obligations Requires SIRS inspections to include a recommendation for a reserve funding schedule Allows condo associations who have completed a milestone inspection to delay a SIRS for not more than two consecutive budget years to enable them to focus on the recommendations of the milestone inspection Allows some condo associations who have completed a milestone inspection in the previous two years to vote to temporarily pause fund contributions to the maintenance reserve fund for no more than two consecutive annual budgets, for budgets adapted on or before Dec. 31, 2028 Requires local enforcement agencies responsible for milestone inspections to annually report to Department of Business and Professional on the following stats for their area: number of buildings subject to inspections, number of inspections completed, the number and type of permit applications received to complete repairs, and a list of buildings deemed unsafe or uninhabitable, among other things Bans anyone performing structural integrity reserve studies from repairing, contracting to repair, or having financial interests in anyone else repairing any issues found in the inspection, adds other restrictions to prevent collusions, kickbacks and bribes by blocking connections between design professional and licensed contractors and the firm or person providing the milestone inspection. Creates additional requirements relating to the licensure and regulation of community association managers and community association management firms. Require associations to maintain adequate property insurance based on the replacement cost of the property, which must be determined every three years at a minimum. Allows video meetings and electronic voting (if agreed upon by a majority of the association) but requires full notification ahead of time, recordings become an official record and links or downloads must be provided to members Exempts nonresidential condominiums with 10 or fewer units from restrictions on who can vote to elect members of the board of administration or cancel contracts Requires the association to provide timely financial reports and disclosures related to inspections and studies to unit owners. Requires condo associations to create and maintain an online account with the Division of Florida Condominiums, Timeshares, and Mobile Homes by Oct. 1, 2025, to track contact information, basic info, assessments, inspection results and more Requires official documents to be made available on the association's website or made available for download through an application on a mobile device within 30 days after it is created or received Allows condo association boards to pause or reduce contributions to the reserve funding if the building has been determined to be uninhabitable due to a natural emergency until the local building official determines it is habitable again, allows reserve funds to be used to make it habitable Clarify that unit owners are not responsible for the cost of necessary removal or reinstallation of hurricane protection unless previously agreed otherwise If Gov. DeSantis signs it, the bill becomes law on July 1, 2025. This article originally appeared on Tallahassee Democrat: Florida condo costs would see relief if DeSantis signs bill into law
Yahoo
06-06-2025
- Business
- Yahoo
Florida Condo Owners Given Unique Opportunity To ‘Swap' Their Unit for House Down Payment Amid State's ‘Condo Crisis'
Florida condo owners are battling a wave of housing issues, including rising HOA fees and skyrocketing insurance costs, with little to no relief from government officials. But Phil Thompson, owner of a luxury custom homebuilder and home-renovation company, is hoping to quell the concerns of millions of condo owners in the Sunshine State with an innovative housing solution. In a swap that seems too good to be true, Thompson is offering to take condos out of the hands of frustrated Floridians and use their value as a down payment for a home under his own company, Coral Reef General Contracting in Fort Pierce. 'As far as the rules of condos, we're entertaining every offer from sellers,' Thompson tells Despite a general shift toward single-family homes in Florida, real estate agents still have a vested interest in condos, which serve a clientele who prefer their convenience, lower maintenance, or specific lifestyles. The median list price of Florida homes in May was $439,999, and condo ownership has become less affordable, particularly for those on fixed incomes in Florida, and many are looking for a way out. In what Thompson claims is a first-of-its-kind 'condo-swap' in Florida, he says he's not worried if a condo appears battered, broken, or run down. With prior experience working with New York City's high-rises, he assures Florida owners that the sky's the limit when it comes to taking in a less-than-perfect condo. 'We'll take a look from the best to the worst conditions,' says Thompson. 'We're not adverse to taking condominiums that have structural problems. I'm not concerned with that because of my structural experience from Manhattan.' Thompson sympathizes with condo owners in Florida who are scrambling to sell their property and saw an opportunity to aid those looking to level up their housing situation. 'So we're not worried about any of these problems,' he adds. 'They're all fixable. Our main concern is to get our buyers here and take the burden off our buyers' backs and make it a nice, transparent, smooth transaction for them.' Coral Reef is offering housing options on South Hutchinson Island that range from $1,500,000 to $3,000,000—depending on the property's proximity to the coastline and other amenities. Thompson says the incentive to ditch an old condo has drummed up enough marketing by itself. Despite a small loss here and there, Thompson is satisfied with the program and its impact. 'On a case-by-case basis, I may lose a few dollars on the condo, but the fact is that we bring our buyer from a negative situation into a positive situation. And it's all about word of mouth—that's how you grow, and that's how you make it in this business,' he adds. In April, both chambers of the Florida Legislature voted unanimously to pass House Bill 913, addressing endless complaints over the rising fees for condominium owners, despite pushback from Gov. Ron DeSantis. Essentially, the bill would aid condominium associations in setting up credit lines and investing funds that would contribute to necessary building repairs instead of immediately looking to owners for the money. 'You had people that were going to be forced out of their condos potentially because of legislation that had come down the pipe,' DeSantis said during a May 20 appearance in Tampa, referencing recent safety laws, as reported by NBC Miami. Condo reform laws continue after a devastating collapse of the Champlain Towers South condo in Surfside in 2021, which killed 98 people. After the incident, there was a massive effort to improve safety conditions regarding condos over 30 years of age and three stories tall. The new safety laws called for 'milestone' inspections and sought to invest in reserve funds for repairs and maintenance. Lawmakers such as state Rep. Vicki Lopez (R-Miami) have backed the bill, claiming it balances the need for structural safety with financial flexibility, particularly in the context of the rising costs of repairs and insurance for Florida condos, as reported by the Florida Phoenix. 'This incredible bill addressing the condominium crisis we have all heard about for the last year gives a lot of financial relief,' Lopez says. The bill also introduces electronic voting, making it easier for condo owners to participate in decisions, which could be DeSantis' main point of objection. Despite some reservations, Florida lawmakers are confident that the governor will sign the bill, as he's spoken about the condo issue on several occasions in the past couple of months. 'We have this condo issue, that legislation that caused these crushing assessments,' DeSantis said during a press conference in Fruitland Park. 'We know people need relief from that. We've got to do it. The Senate's got a great product that can do it.' HB 913 has been sent to the governor's desk for his signature. Once signed, the bill goes into effect on July 1. 'Captain America' Star Chris Evans Puts L.A. Home on the Market for $7 Million as He Quits California To Move Back to East Coast Inside NBC 'Nightly News' Host Lester Holt's Property Portfolio as He Steps Down After a Decade Billy Joel Relists 14-Acre Main Portion of His Long Island Estate for $29.9 Million
Yahoo
06-06-2025
- Business
- Yahoo
Florida homeowners say between soaring fees and sky-high insurance, state condo reform ‘too little, too late'
For Fran Sullivan, living in a Florida condo has become financially unbearable. 'I've seen my condo HOAs at $450, double in two years to $900, and I've seen thousands of dollars in assessments. That's what it's cost us,' Sullivan, a condo owner in St. Petersburg, told ABC Action News. Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 5 of the easiest ways you can catch up (and fast) Nervous about the stock market in 2025? Find out how you can access this $1B private real estate fund (with as little as $10) Across Florida, thousands of condo owners are facing similar financial pressures as homeowner association (HOA) fees and insurance premiums skyrocket. The 2021 Surfside condominium collapse, which claimed 98 lives, prompted Florida lawmakers to enact sweeping safety regulations. The disaster exposed widespread structural vulnerabilities in the state's aging condo buildings. The resulting legislation requires milestone inspections and structural integrity reserve studies for condos 30 years or older and three stories high, as well as strict funding requirements for future repairs. The compliance deadline — Dec. 31, 2024 — triggered fee hikes and surprise assessments. Some owners, like Sullivan, have already paid thousands for repairs with little warning. 'A lot of people here were financially strapped for doing this, myself included,' said fellow condo owner Tyler Clee. 'To come up and say, I need $10,000 in three months — for most of us, that's not realistic.' The financial fallout is chilling Florida's condo market. Listings in areas like Pinellas County have been sitting on the market longer, ABC Action News reports, as buyers balk at unpredictable costs. Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says — and that 'anyone' can do it In response to mounting pressure, lawmakers passed House Bill 913 — the latest revision to the post-Surfside condo reform. While core safety rules remain intact, the bill includes key concessions: A one-year delay in funding structural integrity reserve deadlines. Permission for associations to use loans or lines of credit instead of cash. Clarification from inspectors on which repairs are safety-related. The bill also allows electronic voting to engage more owners in financial decisions. For many residents, the changes come too late. Sullivan's building has already set its budget and has completed major repairs based on the earlier deadlines. 'It's too little, too late,' she said. 'I was hoping they would have done that before the end of last year, because we were forced into a position, because of the timeline, that we had to take care of all of that. … Now, I'm not sure if other condos could be helpful to them, that's great. It's not for us.' Instead, residents hope for zero- or low-interest loans to offset assessments that weren't included. While the new law offers short-term relief, many say broader reform is needed. One of the biggest frustrations is that the legislation does little to address soaring condo insurance. Experts and residents alike suggest more balanced, long-term strategies. These could include: Phased timelines. Allow condo associations to resolve urgent repairs first and offer extended deadlines for less critical upgrades. That way, owners have time to plan, save and avoid sudden, unaffordable assessments. Means-tested aid. State-backed grants or low-interest loans to seniors and low-to-moderate-income residents to help cover extensive assessments or emergency repairs. Tax incentive. Provide tax credits or deductions for unit owners or associations making qualified repairs — such as structural reinforcements, roofing or waterproofing. Exemptions or relaxed rules. Exempt or reduce requirements for small, low-rise or recently constructed condos with clean inspection records. As Florida's condo communities grapple with the financial fallout of much-needed reforms, many hope lawmakers will allow sustainable recovery. The goal being to ensure staying safe doesn't mean losing your home or going into debt. Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead How much cash do you plan to keep on hand after you retire? Here are 3 of the biggest reasons you'll need a substantial stash of savings in retirement Robert Kiyosaki warns of a 'Greater Depression' coming to the US — with millions of Americans going poor. But he says these 2 'easy-money' assets will bring in 'great wealth'. How to get in now Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? Like what you read? Join 200,000+ readers and get the best of Moneywise straight to your inbox every week. This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
Yahoo
01-05-2025
- Business
- Yahoo
Florida condo reform bill heads to governor's desk
The Brief Florida House Bill 913, which aims to balance condo safety with costs, is headed to Gov. Ron DeSantis. Gov. Ron DeSantis has made changing condo laws one of his top priorities for this year's session. If the governor signs the bill, it will take effect July 1. TALLAHASSEE, Fla. - Condo owners across Florida could soon get some financial relief. House legislators unanimously passed House Bill 913 on Wednesday – a measure that aims to balance safety and financial flexibility. The backstory The rising condo costs in recent years come from regulations that followed the 2021 Surfside condo collapse in South Florida meant to prevent another tragedy. Some of those regulations include requiring condos to conduct milestone building inspections, and structural integrity reserve studies to determine how much money should be set aside for future major repairs. This, though, has come at a cost to homeowners that's on top of their regular fees. The bill allows condo associations to use loans or lines of credit to pay for repairs. PREVIOUS: DeSantis continues to battle state legislatures over condo relief measures What they're saying "It provides financial flexibility," said State Sen. Jennifer Bradley, R-Fleming Island, who sponsored the Senate version of the bill. "If an association wants to take out a line of credit or a loan or a special assessment, I want to make sure associations have a plan to be able to repair and replace. It's not imperative to me that it's all cash." Sen. Bradley and Rep. Vicki Lopez, R-Miami, who sponsored the House version of the bill, have partnered together over the past few years to address condo safety legislation. They say this latest legislation lessens the burden of costs for homeowners. READ: Gen Z and millennials have regrets over home purchases, study finds Dig deeper The legislation also allows condo associations to temporarily pause reserve fund contributions for up to two years. Lawmakers say a temporary pause in reserve funding for two years immediately following a milestone inspection gives condo associations "critical flexibility" in meeting reserve requirements, and homeowners some relief too. The bill also requires architects, engineers and contractors who bid on milestone inspections to disclose if they plan to bid on related maintenance or repairs too. Gov. Ron DeSantis has made changing condo laws one of his top priorities this session. The bill is now headed to his desk. What's next If the governor signs the bill into law, it will go into effect on July 1. Follow FOX 13 on YouTube The Source Information for this story was gathered by FOX 13's Kailey Tracy. STAY CONNECTED WITH FOX 13 TAMPA: Download the FOX Local app for your smart TV Download FOX Local mobile app: Apple | Android Download the FOX 13 News app for breaking news alerts, latest headlines Download the SkyTower Radar app Sign up for FOX 13's daily newsletter
