Florida lawmakers are looking at a new bill, House Bill 913 (HB 913), which could impact condo associations, insurance, and property development across the state including South Florida. The bill, introduced by Rep. Vicki Lopez, aims to improve safety rules, give condo boards more financial power, and increase transparency in condo-hotels.
Tougher Safety Rules for Condo Associations
One big part of HB 913 is restricting access to Citizens Property Insurance, Florida's state-backed insurer, for condo associations that don’t follow updated safety rules. These rules, set after the 2021 Surfside condo collapse, require condo buildings to undergo structural integrity studies and inspections. If a condo association hasn’t completed these inspections, it could lose its insurance coverage, making it harder to find affordable insurance. Some critics worry this could leave many condo owners without coverage and not solve the underlying issues of rising insurance costs.
Special Assessments Without Unit Owner Approval
HB 913 also lets condo boards charge special fees and take out loans for repairs without asking condo owners to vote. Supporters think this will speed up important repairs, but opponents are concerned that boards might impose extra financial burdens without enough oversight.
Easier Condo Terminations
The bill could also make it easier for developers to dissolve a condo association and redevelop the property when repairs become too costly. It changes the language around when condos can be dissolved, but legal experts believe it won’t drastically change how condo terminations work.
More Financial Transparency in Condo-Hotels
HB 913 wants to improve transparency for condo-hotels, where owners share spaces with commercial investors. It would require financial reports on the cost of maintaining shared areas to be provided within 60 days after the fiscal year ends. However, there are still questions about whether these reports will go to condo associations or the commercial investors’ group.
Expanding the Live Local Act and Affordable Housing Development
In addition to HB 913, Rep. Lopez has proposed two other bills (HB 923 and HB 943) to expand the Live Local Act, which encourages affordable housing development. These bills offer tax credits to developers, speed up approval processes, and limit the power of local governments in affordable housing projects.
Key Points of HB 923 and HB 943
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Tax Incentives: Developers could more easily transfer tax credits and get tax breaks earlier in the process.
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Affordable Housing on Religious and Public Land: Cities and counties must approve affordable housing on land owned by religious groups, schools, and local governments.
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Zoning and Permitting: These bills prevent municipalities from requiring zoning changes for affordable housing projects.
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Preventing Delays: Local governments can’t delay affordable housing projects by blocking permits or zoning changes.
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Faster Permitting: Cities must review permits for affordable housing projects within 30 days and give them priority over other developments.
Potential Impact on South Florida’s Housing Market
Supporters believe these bills will speed up the development of affordable housing by making it easier for developers to secure financing and complete projects. However, some local officials and community groups are concerned that reducing local control could lead to unchecked development and conflicts with existing neighborhood plans.
As the bills move forward, lawmakers will need to find a balance between condo owners, developers, and local governments while making sure safety, affordability, and financial transparency remain top priorities.
Contact The Mastropieri Group, Realtors®
Got questions about how HB 913 might impact you? Let us help you understand the changes. Whether you're a condo owner, developer, or looking for insights into the South Florida real estate market, we're here to offer expert guidance. Contact The Mastropieri Group, Realtors®, the top real estate agents in South Florida, today at (561) 544-7000 to stay ahead of the curve in this evolving market!
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