Florida is accustomed to hurricanes, but with it comes new laws aimed at navigating some of the “pains” associated with HOA fees and rates related to condos in Florida. New laws are set by Florida Governor Ron DeSantis that could involve $60K per home.
New Assessment to the Tune of $60K
Local Florida residents have received instructions to do a home assessment for the value of $60,000 as part of the new laws set in place by the Home Owners Association (HOA).
Expected Results by the End of 2024
The request for the special assessment came through this year, and a reported deadline is set for the end of this year. The assessment is required, despite Florida facing hurricane season, and residents may need to prepare their homes for the hurricane period.
Not Funded in Over 20 Years
According to MoneyWise, the HOA has been severely “underfunded” for over 20 years. The HOA has stated that as a result, homeowners would have to do a special assessment of their homes in Feather Sound, Florida.
Financially Challenged
For the residents of Feather Sound Florida, the imposed special assessment would be a financial challenge.
Residents In Shock
Tammy Rodeffer, a resident in The Villas of Carillon, said she was in “shock” when she received the notice from the HOA asking her to do the special assessment. She thought there was a “mistake” and asked some of her neighbors if they knew about this imposed assessment.
Another Floridian Resident Gobsmacked
“Wow, is this real?” Was the reaction of another resident, Chris Hu. According to Tampa Bay, Hu said it was a total and “shocking surprise.”
Foreclosure or Sell
Rodeffer also told Tampa Bay News that this proposition would see many people having to sell their homes, unable to afford it. She said residents may even have a lien put on their houses and foreclosure. She said that she was concerned for her neighbors.
The Breakdown of the Special Assessment
According to the reported article in Tampa Bay News, the breakdown would be that residents must pay in four equal quarterly installments. The other option would be paying the $60,000 over 32 quarterly installments at $1,875 over eight years.
Surfside Collapse of 2021
In 2021, the 12-story Champlain Towers South Condos, Surfside, FL, known as the “Surfside collapse,” resulted in more than 90 fatalities. There were also scores of wounded people.
A Devastating Experience
The US Government Accountability Office (GAO) said it was reportedly the most devastating and “worst structural disaster of American history.”
Ongoing Investigation
The National Institute of Standards and Technology (NIST) is reportedly investigating what went wrong, and this investigation is ongoing to this day. According to GAO, the NIST is said to give a detailed report of their findings by 2025.
Increased Fees
In addition to the special assessment fee, condo HOA raises fees to aid with repairs and maintenance throughout the year. This way also ensures that reserves are available to do repairs when required.
DeSantis Signs a Bill
Ron DeSantis has signed a bill that revises some regulations and ensures that certain milestones are met during the course of “hardening homes” for hurricane season. The Bill requires the HOA to be transparent regarding financials.
Rules for Hurricane-Proofing
There are many regulations for hardening homes. Some taller structures over two stories may require additional work.
Complying Colors and Uniformity
According to reports from Tallahassee, the Bill also requires exterior uniformity for all homes under the HOA. Uniformity may include color-coded shutters and other protective measures as per the rules set by the HOA.
Residents Can Upgrade
While there are rules to the hardening of Floridian residential homes, the bill also allows the residents to go ahead and do their hardening procedures, and with this, the HOA cannot intervene.
Keep Within the Rules
The residents can add any home hardening of their choice as long as it complies with the rules of the Bill and rules set by the HOA.
Working Towards Funding
According to MoneyWise, Patricia Staebler, a reserve specialist, said that funding reserves at 100% was not necessary. She commented, “I’ve been doing this for 15 years.In my entire reserve specialist career, I have never seen a HOA 100% funded.”
There Is a Difference
However, she also acknowledged a difference between funding 100% of the reserve requirements for the fiscal year and being funded 100%.
Residents and HOA
Residents and the HOA must work together to find even ground and navigate the financial challenges surrounding this issue.
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The content of this article is for informational purposes only and does not constitute or replace professional financial advice.
