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 also updates various sections of the Florida Statutes to ensure compliance with these new requirements, including the frequency of studies, qualifications of those conducting them, and the distribution of results to unit owners. Existing associations must complete their first study by December 31, 2024, with penalties for non-compliance.

Additionally, the bill specifies that cooperative associations must complete structural integrity reserve studies for buildings six stories or higher, replacing the previous requirement for buildings three stories or higher. It mandates that associations controlled by unit owners, rather than developers, 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 specific information to the Division of Florida Condominiums, Timeshares, and Mobile Homes, which will compile this data into a searchable list by county. The effective date for this act is set for July 1, 2025.

Statutes affected:
H 1415 Filed: 718.112, 719.106