Lawmakers’ Proposals to Help Elderly Condo Unit Owners
A $2,500 Grant to Help Low-Income Seniors Pay Assessments for Condominium Repairs
Dawn Munera, a real estate broker for Pembroke Pines-based Essential Realty Solutions, said she supports the $2,500 grants proposed in a bill filed by Broward County Senate Democrat Rosalind Osgood but says they should not be limited to low-income seniors. “Every senior should get the grant,” she said. “While they may have an income that might not meet the ‘low-income’ threshold, they are on a fixed income with health issues or other life emergencies that could potentially wipe them out.”
Exemptions from Inspections and Reserves for Buildings under Six Stories
Munera said she also supports another Osgood bill that aims to increase from three to six stories the height of condo buildings required to perform structural integrity inspections and fully fund their reserves. Associations controlling buildings under six stories would be able to choose whether to order inspections and fund reserves.
Authorizations for Condo Boards to Take Out Loans to Pay Reserves
Lopez’s bill would enable governing boards of condos to obtain loans and levy special assessments to make repairs without seeking approval of their full memberships. Kim said allowing boards to take out loans without unit owners’ approval could subject the boards to “undue burdens or pressures” because they could be held responsible if the loans are not repaid.
Condominiums Could ‘Invest’ Reserves
Bradley’s bill would authorize creation of investment boards consisting of at least two governing condo board members and two unit owners. The board would adopt rules for invested funds and an “investment policy statement” that addresses risk, liquidity, authorize investment classes and mixes and limitations on authority relating to investment transactions. Then they must hire an adviser to invest the condominium’s reserve money.
Pilot Program to Monitor for Crime, Fraud, and Corruption
A proposal by Miami-Dade Republican Sen. Ileana García would create the Condominium and Homeowners’ Association Economic Crime, Fraud, and Corruption Investigation Pilot Program to address a beef commonly voiced by condo unit owners — that complaints submitted to the Department of Business and Professional Regulation take too long to investigate and are too often dismissed without appropriate scrutiny.
Many More Proposals
In addition, these condo-related bills have also been filed prior to the 2025 legislative session:
* My Safe Florida Condominium Pilot Project — (Sen. Tom Leek, Rep. Vicki Lopez, Rep. Christine Hunschofsky) — Would restrict participation in My Safe Florida Condominium Pilot Project to condos three stories or higher and require that buildings include at least one residential unit. Would also reduce the necessary percentage of unit owners needed to approve participation in the program from 100% to 75%.
* Homestead exemption increase — (Sen. Blaise Ingoglia) — Proposes adding to the 2016 general election ballot a proposed amendment to the state constitution increasing the exemption for all levies to $75,000.
* Flood risk disclosure — (Sen. Jennifer Bradley, Rep. Christine Hunschofsky) — Would require landlords to disclose known flooding risks to prospective tenants at or prior to execution of rental agreements with one year or longer terms.
* Citizens rate increase cap — (Sen. Ana Maria Rodriguez, Rep. Jim Mooney Jr.) — Would limit annual rate increases for Citizens policies to 10% in counties where the Office of Insurance Regulation determines there is not a reasonable degree of competition.
* Resilience districts — (Sen. Erin Grall) — Would enable condo associations to establish resilience districts to create ways to fully fund the condo’s reserves, make structural changes or other improvements that would otherwise require assessing unit owners.
* Unit owners’ rights to vote in recall elections — (Sen. Kristen Aston Arrington) — Would prohibit suspension of unit owners’ voting rights in elections held to recall board members.
Conclusion
Lawmakers have introduced several proposals to help elderly condo unit owners deal with the rising costs of maintenance and insurance, including grants, exemptions, and authorizations. While some of these proposals aim to ease the financial burden on seniors, others raise concerns about the potential for mismanagement and abuse. It remains to be seen which of these bills will make it through the legislative process and become law.
FAQs
* What is the purpose of the $2,500 grant for low-income seniors?
+ The grant aims to help low-income seniors pay assessments for condominium repairs.
* What is the exemption from inspections and reserves for buildings under six stories?
+ The exemption allows associations controlling buildings under six stories to choose whether to order inspections and fund reserves.
* What is the purpose of the pilot program to monitor for crime, fraud, and corruption?
+ The program aims to address the concerns of condo unit owners about the lack of effective investigation and dismissal of complaints submitted to the Department of Business and Professional Regulation.
