Florida recently introduced new laws for homeowners associations (HOAs) and condominium associations. These changes affect how these communities operate, making it important for residents and board members to understand the updates.
Increased financial transparency
One of the main changes focuses on improving financial transparency within HOAs and condo associations. The new laws require boards to provide easier access to financial records, including budgets and expenditures. Residents now have more rights to view financial documents, making it easier for homeowners to understand how their dues are being used. The goal is to promote trust and accountability between board members and residents.
Stricter building safety requirements
The new laws also address building safety, especially for condominiums. In response to recent tragedies, Florida now requires more frequent building inspections, particularly for older buildings. Condominium associations must complete milestone inspections to identify any structural issues and address them before they become serious safety concerns. This change aims to protect residents by ensuring that buildings remain safe and well-maintained.
Limits on board member terms
Another significant change limits the length of time that board members can serve. Under the new rules, board members must adhere to term limits, preventing individuals from holding positions for too long. This change encourages fresh perspectives on the board and gives more residents a chance to participate in managing their community. The new term limits help prevent power imbalances and ensure fair leadership rotation.
Reserve fund requirements
The new laws also make changes to reserve funding. Condominium associations must now keep adequate reserves for repairs and maintenance. This requirement helps ensure that associations have enough funds to handle unexpected expenses and necessary repairs without placing an undue burden on residents. Proper reserve funding will help communities stay financially stable and prevent sudden increases in fees.
Florida’s new HOA and condo laws aim to make communities safer, more transparent, and better managed, and these changes will benefit both residents and associations. Staying informed about these updates is crucial for anyone living in or managing a Florida HOA or condo community.