Florida’s legislative leaders will not have a special session before year’s end to address the Dec. 31 deadline for structural integrity inspections and reserve studies. Governor DeSantis expressed support for such a session earlier this year but now it’d clear that no such action will be taken before the deadline. The next legislative session begins in March of 2025 and lawmakers will address the issues then. Various forms of assistance for condominium owners can be explored, including zero-interest loans that would help pay for special assessments. Loans to condominium associations are backed by owners’ monthly assessments, so associations’ lien rights make them extremely low risk for lenders. With so many associations and unit owners struggling to meet the financial burdens stemming from the safety reforms, the condominium market is ripe for a state-sponsored financing program offering no-interest or low-interest loans to qualified associations as well as their unit-owner members. Some associations have been implementing dramatic and unnecessary assessments that could have been diminished if they had more time vet their study findings and conclusions.
Source: Miami Herald
Mortgage Rates
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This week, mortgage rates decreased to their lowest level in over a month. Despite just a modest drop in rates, consumers clearly have responded as purchase demand has noticeably improved. The responsiveness of prospective homebuyers to even small changes in rates illustrates that affordability headwinds persist.
