A bipartisan group of lawmakers has reintroduced legislation designed to make it easier for condominium owners and associations to pay for major structural repairs, years after the deadly collapse of the Champlain Towers South building in Florida.
The Making Condos Safer and Affordable Act, introduced by Democratic Representative Debbie Wasserman Schultz of Florida and Republican Representative María Elvira Salazar, aims to expand financing options for critical safety and rehabilitation projects.
Bipartisan Bill Seeks to Lower Costs for Condo Owners Facing Safety Repairs
The proposal, “to amend the National Housing Act to authorize insurance of certain mortgages to finance repairs and improvements to condominium projects, and for other purposes,” builds on legislation first introduced in 2023 but which failed to advance through Congress, as reported by realtor.com.
Read More on Politics
The legislation stalled in Congress after being referred to the House Financial Services Committee without receiving a vote, leaving condominium owners facing rising repair costs without a federal financing option.
In a statement, Wasserman Schultz said the measure was originally inspired by the 2021 collapse of the Champlain Towers South condominium in Surfside, Florida, which claimed 98 lives.
“Five years ago, an unimaginable but entirely preventable tragedy rocked our South Florida community with the collapse of Surfside’s Champlain Towers, claiming 98 innocent lives,” she said. “While the cause was finally identified after years of investigations, action is still needed to stop this from happening again.”
Newsweek contacted Salazar via online form and Wasserman Schultz and representatives for the Town of Surfside via email on Sunday for further comment.
The legislation was introduced in response to the 2021 collapse of the 12-story Champlain Towers South condominium in Surfside, Florida, as reported by Newsweek. The disaster prompted sweeping changes to the state’s condominium safety laws, including mandatory structural inspections for older buildings and stricter reserve funding requirements to ensure repairs are completed.
What the Bill Would Do
The legislation would widen access to the Federal Housing Administration’s 203(k) loan program, allowing individual condo owners to use those loans to cover special assessments imposed for structural and safety-related repairs.
It would also expand federal loan insurance available to private lenders, streamline the application process for borrowers, and authorize the FHA to insure condominium association rehabilitation loans under Section 234 of the National Housing Act.
Lawmakers say the proposal would also allow FHA-backed association loans to cover a wider range of work, including repairs, renovations, replacements and improvements to shared infrastructure and common areas within condominium developments.
Rising Costs for Condo Owners
The bill comes as many condominium owners, particularly in Florida, face mounting costs following tougher building safety requirements introduced after the Surfside disaster.
State law now requires older condominium buildings that are at least three stories tall to undergo milestone structural inspections and maintain larger reserve funds to pay for future repairs. While supporters say the measures are essential to improve safety, they have also led to substantial special assessments and higher monthly fees for many owners.
Florida homeowners are also grappling with some of the nation’s highest homeowners insurance premiums and homeowners association fees, putting additional financial pressure on condo residents.
The legislation has received backing from the Community Associations Institute, which represents condominium and homeowners associations.
Salazar said the bill would help communities finance essential repairs while improving building safety.
“As we honor those we lost, we must take action to help prevent another disaster,” she said. “This bipartisan bill gives condominium associations and homeowners the tools they need to finance critical safety repairs, protect residents, and preserve safe, affordable housing across South Florida.”
The proposal is one of several ideas lawmakers have put forward to ease the financial burden on Florida homeowners. Among them, Governor Ron DeSantis has backed a ballot measure that would eliminate property taxes.