On Monday, June 23, the governor of Florida signed into law a new condominium law that should provide some flexibility and relief to homeowners. Starting July 1, 2025, some HOAs will be able to finance their reserve funds for repairs through a line of credit or bank loan.
In addition, some residents will be able to take a break from paying into reserve funds for up to two years, and repairs will be carried out in order of priority.
Also, the deadline for completing structural studies has been pushed back by one year, and some smaller buildings will now be exempt from this requirement.
Florida Republican Senator Ed Hooper acknowledges that in response to the 2021 Surfside disaster, policymakers have put in place overly strict safety laws. It is therefore time to remedy this situation in order to prevent the eviction of senior homeowners who are unable to meet the heavy costs demanded by HOAs due to the requirements of the 2022 laws.
The new law also strengthens HOAs’ accountability and transparency requirements toward homeowners. It also gives homeowners more decision-making power over HOA management.
