Reducing association fees, cutting exorbitant assessment costs for necessary building repairs and guaranteeing low- or no-interest loans were some of the issues brought to the table by Ron DeSantis on Monday.
Florida Governor Addresses Rising Condo Costs and Need for Phased Major Repairs
“We need to develop the ideas now so that they can be implemented in a timely manner to prevent people from being forced out of their homes,” the governor said Monday at the Roberto Alonso Community Center in Miami Lakes.
Florida Lt. Gov. Jeanette Nunez said, “The governor talked about financial relief, maybe interest-free loans, maybe extending the period in which repairs have to occur and also the financial reserve study that we know is going to bring a fairly large increase in costs.”
Elected officials and condo owners heard specific concerns, especially from seniors who live on fixed incomes and now face overwhelming assessment and maintenance fees.
The 196-unit condominium complex at 1750 West 46th Street is undergoing a $2 million renovation. According to Kevin Cortina, president of the Casa del Sol association in Hialeah, the cost per owner is between $12,000 and $17,000, of which he says 30 to 40 percent is being taken out.
“Under the previous law, you could run without having a reserve, and now you will have to have a reserve to pay for expenses in the future,” warns Cortina.
This situation is experienced by numerous apartment associations at local and state level.
State Representative Tom Fabricio explains that “one of the things that is happening is that with these elderly people if they do not have the funds with the ability to take out a loan to pay these assesments “They may have to sell.”
Miami-Dade Commissioner Rene Garcia says: “We also need to bring more strength to the law regulating associations. We have many associations here that are working as if they were dictatorships.”
The governor said something needs to be done this year and urged Floridians to talk to their representatives about the problems they face.
