State senator proposes relief for condo owners struggling with new reserve fund requirements
MIAMI - A Florida state senator is proposing changes to a law requiring milestone inspections and reserve funds for aging condominium buildings, aiming to provide financial relief for condo owners grappling with steep assessment costs.
Marcy Ellis, a retiree, has seen improvements to her more than 40-year-old condo building but said the costs are overwhelming.
"$6,900 for this roof," Ellis said. "Do you pay a monthly fee for 20,000 years to pay it off, or do you pay it all at once?"
Ellis and other condo owners said the new requirements have led to higher condo association fees.
The law passed after the 2021 Surfside condominium collapse, mandates that buildings three stories or higher and at least 30 years old undergo milestone inspections.
The law also requires condo associations to set aside reserve funds for repairs and maintenance. The deadline for inspections was December 31.
"I can't go to Social Security and say, 'Hey fellas, we need a raise. My building got assessed,'" Ellis said.
State Sen. Rosalind Osgood is proposing changes to the law, including allowing payments to be made in installments. She also wants the requirements to vary depending on the building's size and location.
"There needs to be a delineation between high-rise buildings near the beach and condos like this one," Osgood said during a meeting with residents at Ellis' building.
Carolyn Hill, president of the building's condo association, supports reserve funds but said owners need more time to pay.
"I'm all for the full reserves. I'm not against that at all," Hill said. "We just need more time to make the payments instead of doing everything at once in two years."
Ellis said any relief would help retirees like her who are struggling to keep up with rising costs.
"If not, you might see me on the street selling pencils," she joked.
The proposed changes are expected to be considered during the upcoming legislative session.
