On June 1, 2022, the Miami-Dade County Board of County Commissioners adopted a resolution directing the County Mayor to explore the creation of a loan program. The program would provide financial assistance to condominium associations that are in need of emergency structural repairs, at the time of their recertification inspection.
The County Mayor must now identify eligible funding sources, collaborate with financial institutions to develop the loan program, and explore the feasibility of providing loans directly to unit owners.
The loans would cover only structural repairs required by the County or other governmental entity during the recertification inspection or equivalent recertification process. These repairs include roof replacement, building painting and waterproofing, and pavement resurfacing regardless of cost, and any other item for which the deferred maintenance or replacement cost exceeds or is expected to exceed $10,000.00.
If the loan program is successful, condominium associations will be required to provide evidence to the County of the required repairs, including inspection reports, and proof that the board of directors has authority to apply for the loan and that unit owners approved the loan, as may be required by law and/or the association’s governing documents.
The Board of County Commissioners investigated similar loan programs across the country, detailed in this report, prepared by the Miami-Dade County Office of the Commission Auditor.
Within 120 days of the of the effective date of the resolution, the County Mayor must provide the Board with a written report outlining the steps necessary to create the loan program.
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