Condo Owners in South Florida Face Unexpected Expenses
Special Assessments and Mandatory Repairs Cause Financial Burden
Special assessments and mandatory repairs are forcing many South Florida condo owners to cough up thousands for unexpected expenses. This reality is resulting in some condo owners choosing to sell their buildings.
Residents of Springbrook Gardens Condo Building in Fort Lauderdale Make the Decision to Sell
Residents at the Springbrook Gardens Condo building in Fort Lauderdale have made the decision to sell instead of making costly repairs, according to condo owner Warren Sackler. Back in September, the City of Fort Lauderdale put up notices at Springbrook Gardens deeming the condo unsafe. An engineer told the city’s building department that the foundation in one section of the building was in bad condition.
Foundation Issues Not Noted in 40-Year Inspection
These are issues that were not noted on the building’s 40-year inspection, which noted only minor structural issues in 2019. According to Sackler, residents were told temporary repairs would cost around $4 million.
Condo Owners Across South Florida Grapple with Higher Special Assessments
Across South Florida, condo owners are grappling with higher special assessments and some are making the decision on whether to stay or leave. "And we have been hit with assessments, to comply with the new code to the excess of $1 million with engineering and restoration work," condo owner Bill Brown said.
Miami-Dade County Offers Assistance with Condo Special Assessment Program
The Miami-Dade County Department of Public Housing and Community Development offers assistance with the Condo Special Assessment Program. The program provides 0% interest loans with a 40-year repayment term, making it very affordable for eligible homeowners to cover the significant expenses that we’re seeing, said Alex Ballina, the director of the department.
Eligibility and Benefits of the Condo Special Assessment Program
The program is only open to Miami-Dade residents who make less than 140% of the area’s median income. You could qualify for up to $50,000 in assistance.
Conclusion
Condo owners in South Florida are facing unexpected expenses due to special assessments and mandatory repairs. While some are choosing to sell their buildings, others are seeking assistance through the Condo Special Assessment Program. It is essential for condo owners to be aware of the options available to them to ensure the safety and help residents remain and maintain their condominiums.
FAQs
Q: What is the Condo Special Assessment Program?
A: The Condo Special Assessment Program is a program offered by the Miami-Dade County Department of Public Housing and Community Development that provides 0% interest loans with a 40-year repayment term to help eligible homeowners cover significant expenses.
Q: Who is eligible for the Condo Special Assessment Program?
A: The program is only open to Miami-Dade residents who make less than 140% of the area’s median income.
Q: How much assistance can I receive through the Condo Special Assessment Program?
A: You could qualify for up to $50,000 in assistance.
Q: What are the benefits of the Condo Special Assessment Program?
A: The program provides 0% interest loans with a 40-year repayment term, making it very affordable for eligible homeowners to cover significant expenses.
