Title
RESOLUTION NO. 23R-07-185: A RESOLUTION OF THE CITY COMMISSION OF LAUDERHILL, FLORIDA URGING THE FLORIDA LEGISLATURE TO EXPLORE AVAILABLE FUNDING SOURCES AND THE FEASIBILITY OF CREATING A SPECIAL ASSESSMENT FUNDED LOW INTEREST LOAN PROGRAM IN COLLABORATION WITH PARTICIPATING LENDING AND FINANCIAL INSTITUTIONS TO PROVIDE FINANCIAL ASSISTANCE TO CERTAIN EMERGENCY AND NEED-BASED CONDOMINIUM ASSOCIATIONS AND OWNERS REQUIRING EMERGENCY STRUCTURAL REPAIRS AS A RESULT OF A 30-YEAR RECERTIFICATION INSPECTION OR AN EQUIVALENT RECERTIFICATION PROCESS IN SUBSTANTIAL ACCORDANCE WITH FLORIDA SENATE BILL (SB) 154 (CHAPTER LAW 2023-203) AND SUBSEQUENT RECERTIFICATION PROCESSES; PROVIDING FOR THE ADOPTION OF RECITALS; PROVIDING FOR INSTRUCTIONS TO THE CITY CLERK; PROVIDING FOR AN EFFECTIVE DATE (REQUESTED BY COMMISSIONER LAWRENCE “JABBOW” MARTIN).
Body
Request Action:
To request that the Legislature explore funding source and the feasibility of create a special assessment low interest loan program to provide financial assistance to certain emergency and need-based condominium associations and owners requirement emergency structural repairs as a result of 30-year recertification inspection legislation.
Need:
To explore additional resources for funding to assist certain in-need condominium associations.
Summary Explanation/ Background:
Senate Bill (SB) 154 and House Bill (HB) 1395 were passed this Legislative Session and which are codified as Chapter Law 2023-203 which require certain 30-year milestone, structural integrity and recertification inspections and requirements for monetary set asides in reserve balances. Certain condominium associations and owners are in-need of additional sources of funding to be able to meet the required emergency structural repairs as a result of the 30-year mileston/recertification inspections required by the new law which requires buildings which are 30 years old by July 1, 2023 to have the initial milestone inspection completed by Dece...
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