No. SB 722
Filed under Development & Land Use.
Condominium Structural Integrity Reserve Studies; Defining the term “structural integrity reserve study”; requiring condominium associations that govern a building of a specified height to conduct a structural integrity reserve study for a specified purpose; providing that condominium associations that govern a building that does not meet such specified height requirement are not required to conduct a structural integrity reserve study; authorizing certain condominium associations to elect, by a majority vote of their members, to waive or reduce reserve contributions; providing construction, etc.
Plain English Summary
AI-GENERATEDCondominium associations governing buildings six stories or taller must now conduct a structural integrity reserve study, estimating future repair and replacement costs for common elements and setting reserve funding based on the results.
Associations governing buildings five stories or shorter are exempt from that study requirement, and their unit owners can vote by majority at a meeting to waive or reduce reserve contributions entirely.
The new study must follow the structural-adequacy standard the law already sets elsewhere, so an association required to do one cannot design a lighter version of it on its own.
AICondominium associations governing a building six stories or more in height, as determined by the Florida Building Code, must conduct a structural integrity reserve study estimating future maintenance, repair, and replacement costs for common elements and funding reserves based on it.
AIUnit owners in buildings five stories or shorter can vote, by a majority of those present at a duly called meeting, to waive or reduce the association's reserve contributions -- not just the study, but the funding itself.
AICondominium associations governing a building five stories or less in height are not required to conduct a structural integrity reserve study, removing the new study duty for the large majority of Florida's lower-rise condominiums.
AIA structural integrity reserve study performed under this new subsection must comply with the standards already established under s. 718.112(2)(g), rather than a separate, bespoke standard written just for this section.