A new state law is giving a reprieve to condo associations that are being required to build up quickly their reserve funds needed for future repairs. The legislation (HB 913), signed into law on June 23 by Gov. Ron DeSantis, aims at giving relief to the sudden, large fee assessments facing many condo owners.
The law extends a reserve study requirement for one year and allows a two-year pause in reserve fund contributions, to give time “to prioritize funding critical repairs identified in a milestone inspection,” according to the governor’s office.
The law also increases the cost of repairs required to be included in reserves from $10,000 to $25,000, and it provides alternative funding options to provide flexibility to associations, the governor’s office said.
“The legislature and the governor responded to requests from residents to re-evaluate requirements,” said State Rep. Peggy Gossett-Seidman, who lives in Highland Beach. “We are aiming to keep everyone safe but with reasonable time frames that don’t put undue stress and demands on our residents.”
— Larry Barszewski and Rich Pollack
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