Significant updates to condo legislation, inspired by the tragic events in Surfside, bring about crucial changes aimed at enhancing the safety and structural integrity of condominiums. There have been a few updates since this legislation came into effect in May of 2022 regarding milestone assessments and Structural Integrity Reserve Studies (SIRS). Let’s talk about the recent updates you need to know about!
Milestone Assessments
One of the pivotal changes is the adjustment of the milestone assessment criteria. Previously, condos within 3 miles of the coastline were required to undergo assessments at 25 years of age, while those farther inland could wait until they reached 30 years. Now, the legislation standardizes this requirement across the board for condos within 3 miles of the coastline, allowing them to undergo their first milestone assessment at 30 years of age, unless the municipality where the condo is located rules otherwise.
Milestone assessments are conducted to evaluate the structural integrity and overall condition of condominiums. They serve as proactive measures to identify potential structural issues early on, allowing associations to address them before they escalate into costly and potentially dangerous problems. Following the initial milestone assessment, subsequent assessments are mandated every 10 years thereafter.
SIRS
A core component of the current legislation is the implementation of Structural Integrity Reserve Studies (SIRS). These assessments are designed to evaluate the financial health of condominium associations specifically concerning reserve funds allocated for structural maintenance and repairs. The SIRS evaluates reserves for ten critical elements, including roof, floor, load-bearing walls, fire safety measures, plumbing, electrical systems, foundation, windows, and other high-cost elements impacting structural integrity.
The requirement for SIRS assessments every 10 years ensures that condo associations stay proactive in financial planning. By assessing and adjusting reserve funds regularly, associations can anticipate and prepare for the rising costs of repairs and replacements over time. This approach not only enhances the safety and longevity of condominiums but also promotes financial stability within the community.
Exemption Criteria Update Effective July 1, 2024
Starting July 1, 2024, there will be changes to the exemption criteria for milestone assessments. Currently, structures with three stories or more are subject to milestone assessments; however, buildings with 1, 2, or 3 family-dwelling units with three or fewer habitable stories above ground are exempt. The upcoming change will revise this exemption to include buildings with up to 4 family-dwelling units (with three or fewer habitable stories above ground ).
The Surfside legislation updates serve as a poignant reminder of the importance of proactive maintenance and financial planning in safeguarding communities and residents alike. By adhering to these new standards, condominium associations can build resilience against potential risks, ensuring safer and more sustainable living environments for years to come.
Listen to our latest podcast episode to hear more about these recent updates to the Surfside Legislation and its implications for condo owners, buyers, and residents!
Sources:
https://flsenate.gov/Committees/BillSummaries/2024/html/3512