Should Florida Condo Associations Finance Special Assessments?

Lender Richard Alfonso of U.S. Century Bank explains how condo associations can finance special assessments and capital improvements in order to comply with the newly revised Florida Condo Law.

Florida condo owner and board members are facing a 2025 deadline to comply with a series of safety requirements required under the state’s newly revised condo law.

In many cases, condo associations are facing multimillion dollar construction bills to ensure that their communities meet safety standards put in place to protect residents.

Failure to comply with the law could result in residents being forced to vacate their units for months – and even years – until the their communities can satisfactorily meet the new measures of the Florida Building Code.

Keep in mind, condo owners – who were forced to vacate – are still responsible for their monthly expenses and any new special assessments. Plus, these residents have the added cost of temporary housing until their communities are habitable again.

Not every unit owner has the means to simply write a check or send a digital payment to cover the costs of the necessary construction work.

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This information is believed to be accurate and complete but cannot be guaranteed or warranted.