A body of new legislation affecting Florida associations was signed into law on 6/1/2010. Most significant in our opinion was the “Distressed Condominium Relief Act”.
All Association-governed communities are “aging in place”, and are moving forward towards the time they will have potentially major, unexpected expenses. But that is the
Associations that have excess funds at the end of the year face the decision if and how those funds can be moved to Reserves, or
FHA loans (actually Federal Housing Administration-insured loans) have taken a great leap in popularity since conventional lenders began limited their lending. At the time of this writing, FHA-insured loans account for 30-50% of all new condominium mortgages.
To repair now or to repair later is the age-old dilemma associated with owning or managing a building or community. Sticker shock from contractors is all too common when it comes to receiving a proposal for any type of maintenance or repair work.
A map is extremely helpful when departing on a journey, but if there are unexpected roadblocks, even the most experienced traveler needs help arriving at the intended destination. A reserve study is a map to the future, but what’s a manager or board to do when roadblocks arise while trying to follow the directions?
