Condo owners meet to figure out how to comply with new law for reserves
The anniversary of the Champlain Towers South building collapse in Surfside is approaching. The federal investigation into what caused the tragedy is ongoing. Condominium communities are trying to understand a new state law that requires a reserve fund for repairs.
State Sen. Jason Pizzo, D-North Miami, said it is especially important for properties built in the mid-70s to 80s. State Sen. Jennifer Bradley. R-Orange Park, said the reserve fund applies to the roof, load-bearing walls, and other primary structural components.
“The important part is that the reserve fund is actually funded for those structural components so when the use is over, it can be replaced,” State Rep. Daniel Perez, R-Miami-Dade, said.
Aventura residents met with local officials to discuss the new state law on Thursday. Rose Arangoren, a condo manager, said there is a lot of anguish. She is among the residents who don’t know how they are going to pay or what they are going to do.
“Some of these owners are going to have to sell especially those that are on fixed incomes,” Arangoren said.
Trudi King, a community association manager, said property owners are still trying to understand how officials are going to implement the law and how it applies to inspections and funding.
“They know what they’re supposed to do, but they don’t want to — not on their watch because it’s going to cost more money,” King said.
The state law requires funding for the structural reserves by 2024, so property owners and associations have about three years to figure out how to come up with the money.
“We are going to pay in the long run,” said Marge Rosenblatt, a condo resident. “I never expected anything like Champlain Towners and I don’t think anyone ever thinks that was ever a thought.”
More on Surfside building collapse
June 14 report
Attorneys who worked to secure settlements topping $1 billion in the collapse of a beachfront Florida condominium building in which 98 people died are requesting about $100 million in fees and costs, according to a new court filing.
Graphic on aftermath