The bill amends Florida Statutes to establish new requirements for structural integrity reserve studies specifically for condominium and cooperative associations. It defines "structural integrity reserve study" and mandates that associations governing buildings six stories or higher must conduct these studies to estimate future maintenance, repair, and replacement costs of common elements. While associations managing buildings five stories or fewer are not required to conduct these studies, they may opt to waive or reduce reserve contributions through a majority vote. The bill outlines the necessary components of the studies, including visual inspections by qualified professionals, and sets a deadline for existing associations to complete their first study by December 31, 2024.

Additionally, the bill updates existing laws by replacing the previous requirement for structural integrity reserve studies from buildings three stories or higher to those six stories or higher. It mandates that associations controlled by unit owners, rather than developers, must complete these studies by December 31, 2024, with an option for simultaneous completion with milestone inspections due by December 31, 2026. The bill also requires cooperative associations to provide updated information to the Division of Florida Condominiums, Timeshares, and Mobile Homes, which will compile and post a searchable list of buildings on its website. The effective date for this act is set for July 1, 2025.

Statutes affected:
H 1415 Filed: 718.112, 719.106