Two years after the deadly Surfside building collapse, U.S. Representatives Debbie Wasserman Schultz (FL-25) and Bill Posey (FL-08) introduced the bipartisan Making Condos Safer and Affordable Act of 2023 to provide comprehensive condo relief by expanding and ensuring access to public and private loans for structural and safety repairs, providing bipartisan preventive assistance for millions of residents grappling with the building integrity reality. Wasserman Schultz's district includes Surfside, Fla., the former site of Champlain Towers South.
Members of Community Associations Institute (CAI) applaud Representative Wasserman-Schultz and Representative Posey for their dedication to condominium safety. CAI has been committed to condominium safety, physically sound, and fiscally responsible communities since the terrible partial condominium collapse of Champlain Towers South two years ago. This measure, if passed, will offer critical resources to millions of Americans who live in condominium buildings.
According to The Foundation for Community Association Research, the United States has between 140,000 and 150,000 condominium and housing cooperative complexes. According to the American Communities Survey, about two-thirds of structures are more than 30 years old. Some of these structures may require major repairs, and homeowners may not have the necessary funds. The Making Condos Safer and Affordable Act will make low-interest, government-backed lending products more accessible, resulting in safer and more affordable condominiums.