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Articles Tagged with condo-safety reforms

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Gary-Mars-2021-2-200x300The firm’s Gary M. Mars was the first South Florida community association attorney to weigh in on the recently proposed SAFER in Condos Act in a major local media outlet with his article in today’s op-ed page of the Miami Herald.  The article, which is titled “After Surfside, Federal Condo-Safety Legislation Deserves Bi-Partisan Support,” focuses on the SAFER in Condos Act that was recently introduced in the U.S. Congress by Florida representatives.  It notes that questions regarding condominium safety have been in the spotlight since the horrific Champlain Towers tragedy that claimed 98 lives, and changes failed to pass in the state legislature but have been enacted at the federal level from lenders and also at the local level from counties and municipalities.  Gary’s article reads:

. . . Part of the reason the state legislature could not agree on a set of reforms was because the new funding requirements for structural repairs would have been too much for the unit owners of many condominium communities to bear. Plus, financing options for both condominium associations and their unit owners for such extremely costly property restorations were getting worse by the day, as interest rates have been on the rise and are predicted to continue climbing.

Herald-clip-for-blog-5-3-22-462x1024For a problem of this magnitude and national scope, only the federal government has the capability and resources to truly make an impact.  Its first effort at addressing it was proposed on April 18 by U.S. Reps. Charlie Crist (D-St. Petersburg) and Debbie Wasserman Schultz (D-Broward, Miami-Dade) in the form of the Securing Access to Finance Exterior Repairs (SAFER) in Condos Act of 2022.  The legislation would allow condominium owners to finance critical building repairs with loans backed by the Federal Housing Administration (FHA). Unit owners would be able to combine a special assessment from their association for structural repairs with their existing mortgage debt into a new, 30-year loan insured under the FHA home rehabilitation program.

For those who do not have a mortgage or would prefer to leave it as is and continue to pay it off, the legislation also grants owners access to the FHA Property Improvement Program to finance such an assessment over a 20-year term.

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