Crist, Wasserman Schultz Introduce Bill to Finance Critical Condo Safety Repairs
Press Release
Following introduction of the SAFER in Condos Act, U.S. Representatives Charlie Crist (D-St. Petersburg) and Debbie Wasserman Schultz (D-Sunrise) introduced the Rapid Financing for Critical Condo Repairs Act -- legislation to give Condo Associations access to federally backed loans that can be used to make critical structural and safety-based repairs to the buildings they manage. Specifically, the bill authorizes the Federal Housing Administration to insure critical repair loans for condo associations, giving lenders the certainty to make the loan. Typically, condo associations delay critical repairs until they can collect special assessments from owners sufficient to begin repairs.
"The Champlain Towers condo collapse brought to light the serious flaws in how condo buildings are maintained and repaired -- and we must do all we can to avoid another tragedy," said Rep. Crist. "To save lives, associations should have access to financing as soon as a critical problem is found. As we saw in Surfside, waiting for special assessments to be collected can cause deadly delays. Our bill would provide an immediate financing option to begin repairs and keep residents safe and in their homes."
"We enable homeowners to finance both the purchase of a house and its rehabilitation costs, but condominiums are not eligible," said Rep. Wasserman Schultz. "This commonsense legislation offers a solution to help condo owners and associations to obtain financing for needed repairs and ensure their buildings are safe. I'm proud to work with Congressman Crist to cut red tape and help condo owners be secure in their homes and make it much easier to avoid the kind of tragedy we saw in Surfside."
Immediately following the collapse, Crist called for a full investigation into the Surfside tragedy. Additionally, as members of the powerful House Appropriations Committee, Reps. Crist and Wasserman Schultz (D -- FL) secured funding for the National Institute of Standards and Technology to investigate building collapses like the one that occurred at Surfside. Crist also successfully secured inclusion of his amendment authorizing a study of the Surfside condo collapse in the House-passed America COMPETES Act.
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