Reso 2024-3630 - Laserfiche WebLink

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BILL: CS/SB 1178 Page 27 Members of unit -owner -controlled associations may waive reserves upon a majority vote of the total voting interests of the association. However, after December 31, 2024, unit -owner - controlled condominium and cooperative associations that must obtain a SIRS may not waive reserves. Associations that are required to obtain a SIRS also may not opt to provide less reserves or no reserves than are required for the structural integrity items. Nor may those reserves be used for any other purpose than their intended purpose. 72 Before turnover of control to the unit owners, ss. 718.301(4)(p) and 719.301(4)(p), F.S., require the developer to perform a turnover inspection performed by a licensed professional engineer or architect, or a reserve specialist or professional reserve analyst certified by the Community Associations Institute or the Association of Professional Reserve Analysts. However, this provision does not require that the inspection comply with the SIRS requirements in ss. 718.112(2)(g) and 719.106(1)(k), F.S., relating to condominium and cooperative associations, respectively. Effect of Proposed Changes The bill revises the term "deferred maintenance" to "planned maintenance" in chs. 718 and 719, F.S. In addition, the bill amends s. 718.112(2), F.S., to: • Allow condominium associations to waive reserves and for the structural integrity reserve study to recommend a temporary suspension of reserve funding if the building or units are unsafe and uninhabitable as determined by the local enforcement agency, but the association may not waive or reduce reserve funding requirements after a building or units have been declared safe for occupancy by the local enforcement agency; 73 and • Permit the SIRS to recommend a temporary pause in the funding of reserves or a reduction in reserve funding if the condominium building or units are unsafe and uninhabitable due to substantial damage or loss as determined by the local enforcement agency and it is in the best interests of the association to use revenues and existing reserve funds to perform necessary repairs to make the building safe and habitable, but the reserve funding schedule may not pause reserve funding after the building has been declared safe for occupancy by the local enforcement agency. Relating to the SIRS requirements for condominium and cooperative associations, the bill amends ss. 718.112(2)(f) and 719.106(1)(j), F.S., respectively, to: • Require these associations to provide unit owners with a notice that the structural integrity reserve study is available for inspection and copying within 45 days of completion of the study. The notice may be provided electronically. 74 • Allow an extension of the deadline for completion of a SIRS if the condominium or cooperative association has entered into a contract for the performance of the study and the study cannot reasonably be performed or completed by December 31, 2024. However, the completion of the SIRS must be performed or completed by December 31, 2026. 72 Sections 718.112(2)(0 and 719.106(1)0), F.S., relating to condominium and cooperative associations, respectively. 73 See s. 533.71(5), F.S., defining "local enforcement agency." 74 This notice delivery requirement is identical to the requirement for delivery of the inspector -prepared summary of the milestone inspection report required under. s. 553.899, F.S. 337