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GOVERNOR CRIST SIGNS THE “DISTRESSED CONDO RELIEF ACT”

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Florida Gov. Charlie Crist is making the rounds in South Florida on Thursday, signing a condominium relief bill in three ceremonies.

Crist officially signed Senate Bill 1196 on June 1 but is in town to shake hands and hobnob with some of the people instrumental in getting the measure approved.

The bill is meant to help condo boards hammered by financial problems caused the housing meltdown. Provisions that will benefit community associations include:

  • A delay in the compliance requirement with existing elevator retro‐fit requirements
  • The ability for associations, by vote of the residents, to opt out of sprinkler retro‐fit requirements in common areas
  • Granting associations the right to collect rent from tenants of delinquent unit owners
  • A doubling of the amount of back‐due assessments associations can collect from banks to the lesser of 12 months or 1% of the total mortgage
  • Protections for sensitive unit owner information
  • Provisions that would encourage investors to purchase units in distressed projects to stabilize the condominium market
  • The bill goes into effect on July 1, 2010.

You can watch the video here.