The collapse of the Champlain Towers sent shockwaves throughout the world, and throughout the community association industry in particular. Suddenly obscure topics like the recertification process, reserve studies, funding models, special assessments, and more were brought to the forefront of public discussion.
The National Association of Home Builders reports that the median age of housing in the US is 39 years. That means that across the country, condo buildings are coming up on their 40-year recertification requirement.
Many of the condominiums that are up for recertification do not have the necessary resources to pass the recertification process. Homeowners not paying their assessments leads to associations not having adequate capital reserves to be able to afford the hefty costs of the required repairs. New condo legislation in FL aims to solve this.
[Continue reading here]
