The collapse of the Champlain Tower in Surfside has caused major shifts in the once-booming condo market. As lenders tighten their conditions for approving a loan, local government is implementing new rules to help avoid another tragedy.
Chapter 17D of the Code of Miami-Dade County
Presented again to the Board of County Commissioners on March 1st, and passed in a unanimous vote, Chapter 17D contains several impactful rules and regulations applicable to condominiums, both older and new, in South Florida. Some of the pertinent points in the chapter include:
- Department of Regulatory and Economic Resources registration is required annually for all associations including basic contact information, but also items like financial status documentation such as budgets, audited financial statements, also building maintenance documents, planned capital projects, structural engineering reports, and certificates.
- The creation of an online database providing public access to the information submitted by any association.
- Nominal fee created for the registration of associations into this database to be used to verify documents, conduct follow-ups, conduct field investigations regarding compliance, and provide administrative and legal support for the program.
We highly encourage all board members to read the document in its entirety. The build-out process is expected to take 6 months, followed by a training period. The portal would be expected to launch on January 1st, 2023 with a registration deadline for associations a month later, on February 1st, 2023.
Allied Can Help
As more shifts in the association landscape occur, don’t forget the partners you can reach out to for help. Allied is always here to answer questions, help guide your association in the right directions, and assist in a variety of ways. Your associations’ legal counsel should also be able to help. Don’t hesitate to ask for guidance.
