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 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 also sets forth standards for the frequency of studies, qualifications of those conducting them, and mandates that results be distributed to unit owners. Existing associations must complete their first study by December 31, 2024, with penalties for non-compliance.

Additionally, the bill revises existing laws for cooperative associations, raising the requirement for structural integrity reserve studies from buildings three stories or higher to six stories or higher. It requires associations controlled by unit owners to complete these studies by December 31, 2024, with an option for simultaneous completion with milestone inspections due by December 31, 2026. The bill also outlines the responsibilities of developers regarding turnover inspection reports and establishes consequences for officers or directors who fail to fulfill the study requirements. Furthermore, cooperative associations must provide specific 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 act is set to take effect on July 1, 2025.

Statutes affected:
H 1415 Filed: 718.112, 719.106