Title
RESOLUTION NO. 23R-07-186: A RESOLUTION OF THE CITY COMMISSION OF LAUDERHILL, FLORIDA URGING THE BROWARD COUNTY COMMISSION TO EXPLORE AVAILABLE FUNDING SOURCES AND THE FEASIBILITY OF CREATING A COUNTY-WIDE SPECIAL ASSESSMENT OR OTHER APPROPRIATE PUBLIC FUNDING STRUCTURE TO FUND 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 154 (CHAPTER LAW 2023-203), AND SUBSEQUENT RECERTIFICATION PROCESSES; PROVIDING FOR THE ADOPTION OF RECITALS; PROVIDING FOR INSTRUCTIONS TO THE CITY CLERK; PROVIDING AN EFFECTIVE DATE (REQUESTED BY CITY 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, 2...
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