Governor Ron DeSantis signed new laws on Monday and noted the legislation came from feedback provided by condo residents and communities in the state. The bills were signed one day before the fourth anniversary of the Surfside disaster, which killed 98 residents in the 12-story Champlain Towers South complex.   

"We've heard the concerns of condo owners throughout Florida, and we are delivering reforms that will provide financial relief and flexibility, strengthen oversight for condo associations and empower unit owners," the governor said. 

The new legislation took into account the effect of rapidly rising costs on residents and owners, while continuing to emphasize the need for accountability and safety on the part of condo management.

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What led to new condo laws being introduced

Some of the changes will provide immediate relief from sudden increases in fee assessments charged when older buildings underwent inspections mandated after the Surfside disasters. Officials also required structural studies that would spell out required reserve funding levels to address any potential structural liabilities.   

A new law will extend by one year the required completion date of said studies, which initially led to the ramp-up in assessment costs. It also will put into place a two-year pause in reserve fund contributions to allow building owners to prioritize more critical repairs found during inspections. 

"Clearly, one of the things we were looking at was affordability. People need to be able to afford to live in these units," DeSantis said at the bill-signing event in Clearwater. 

Condo associations will also see alternative options to reach reserve-funding requirements, including through loans and lines of credit, as well as additional time to meet those levels for items with useful life left. 

Reserve funding also figures prominently in requirements introduced by federal regulators in the years since the Surfside disaster. Government-sponsored enterprises quickly increased the level of reserve funds condominium complexes needed in order to remain compliant with selling guidelines. The challenge facing property managers to meet the mandated levels stands as a leading factor that disqualifies units in their developments from the most common type of mortgages backed by Fannie Mae and Freddie Mac.  

Other provisions in the Florida legislation open up access to records and reporting to unit owners. 

• The new law will make it easier for owners to access community association records and see how finances are managed.
• Residents will also see more opportunities to participate in board meetings through videoconferencing and electronic voting. 
• Rules will also require vendors bidding for contracts to disclose any conflicts of interest with the condo association. 
• Condo boards and residents will also gain powers to suspend contracts when work processes do not adhere to state laws. 
• Mandated data sharing between local jurisdictions and the state should offer clearer guidance toward measuring compliance with building safety requirements.