This week, two Democrats in the Florida delegation–U.S. Reps. Charlie Crist and Debbie Wasserman Schultz–brought out the “Securing Access to Financing for Exterior Repairs (SAFER) in Condos Act.”
The bill “will make it easier for condo owners to afford special assessments assigned by their HOAs or Condo Associations” and give condo owners “expanded access to two loan programs guaranteed by the U.S. Department of Housing and Urban Development to help cover the cost of special assessments for structural and safety-related repairs, keeping Florida families safe, healthy, and in their homes”
Crist introduced the bill with Wasserman Schultz as a co-sponsor.
“As Floridians remain focused on safety and structural integrity of their condominiums, more and more owners are facing unaffordable special assessments. When associations have to make critical repairs to keep residents safe, the special assessments that fund the repairs can be a significant financial burden, especially for seniors on fixed incomes and working Floridians,” said Crist. “Our bill, the SAFER in Condos Act, would build on a home improvement program under FHA to provide an affordable financing option so seniors and families can stay in their condo safely and avoid another preventable disaster.”
Crist pointed to the recent Surfside condo collapse as one of the reasons why he was championing the proposal.
“As condo buildings age and deteriorate, the need for costly structural and safety repairs arise. These unexpected fees in the form of special assessments can place significant financial strain on condo owners, particularly seniors and those on fixed incomes. In the wake of the Surfside condo collapse, it was revealed that the Champlain Towers South condo association had approved a $15 million special assessment on its owners to cover the cost of repairs as required under the county’s recertification process,” Crist’s office noted. “The SAFER in Condos Act would expand the allowable uses of two U.S. Department of Housing and Urban Development programs to cover special assessments. More specifically, the legislation: amends the 203(k) program to allow loans to be used on special assessments for structural repairs; expands the Title I Property Improvement Loans program to insure private lenders against losses when lending to individual condo owners or condo associations for special assessments. Additionally, the legislation increases the maximum insured loan amount to $55,000, to be adjusted with inflation; streamlines the process of applying for these loans so that individual homeowners and condo associations can more easily apply for, and obtain, assistance.”
Crist’s bill was sent to the U.S. House Financial Services Committee. So far, there is no companion bill in the U.S. Senate.
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