Florida Condo Bill Revived in Congress: How It Would Cut Spiraling Costs
Summary
A new bipartisan bill has been reintroduced in Congress to help condominium owners pay for major safety repairs. The bill aims to expand federal loan options and insurance programs to lower repair costs, especially in response to the 2021 collapse of the Champlain Towers South condo in Florida.Key Facts
- The bill is called the Making Condos Safer and Affordable Act.
- It was introduced by Representatives Debbie Wasserman Schultz (Democrat) and María Elvira Salazar (Republican) from Florida.
- The bill would expand the Federal Housing Administration’s 203(k) loan program to cover special assessments for condo repairs.
- It would allow FHA loan insurance for condo associations to finance structural and safety improvements.
- The legislation first failed to pass in 2023 but has now been reintroduced.
- The bill responds to the 2021 Champlain Towers South collapse that killed 98 people.
- Florida has since required older condos to undergo regular structural inspections and keep larger repair funds.
- These new rules have increased repair costs, insurance premiums, and fees for many condo owners.
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