Navigating changing laws and regulations: How HOAs and COAs can work with banking partners to plan and prepare
A new Florida law, effective July 1, will increase accountability for condominium associations (COAs) in buildings three stories or taller. The law addresses key areas such as reserves, recordkeeping, maintenance, and repairs. COAs can prepare for compliance by collaborating with their banking partners to prioritize capital projects, select appropriate contractors, and explore loan options. Examples of necessary projects include roof replacement, concrete restoration, painting to prevent leakage and elevator maintenance. By working together, project managers and bankers can ensure these tasks are appropriately prioritized. This legislation affects Florida’s approximately 49,000 HOAs and 27,000 COAs, impacting a significant number of homeowners across the state.