Condo Owners in Miami-Dade Can Receive Assistance for Repair Assessments
Miami-Dade, Florida Mayor Daniella Levine Cava recently attended a town hall in Aventura, Florida, to discuss a new program aimed at assisting condo owners who are facing special assessments for structural repairs. The county will now offer a 40-year, zero percent interest loan for qualifying condo owners who need help with these assessments.
Miami-Dade officials understand the financial burden that these assessments can create for homeowners, who may be forced to pay assessment fees and mortgage payments in addition to new housing costs because they are forced to leave their homes. This was the case for many residents of the 5050 NW 7th Street building, who were out of their homes for over a year after the building was deemed unsafe and repairs were made.
Homeowner Mayra Gutierrez, who lives in the 5050 building, shared her experience with CBS4, saying, “Luckily my unit is paid for but I was still paying the monthly maintenance fee and, so far, two assessment fees and paying rent at the other place. So, it’s been tough.”
Mayor Howard Weinberg of Aventura, who has been in office for just 90 days, also spoke about his experience with special assessments, revealing that he had been hit with a $30,000 assessment for the condo where he lives. He says that this is happening all over Aventura, which has a population of over 40,000 people, with over 90% living in condos.
To qualify for the new loan program, individuals must make up to 140% of the median income for Miami-Dade County. For a single-person household, this means a maximum income of $95,620. For a two-person household, the maximum income is $109,200, and for a family of four, it is $136,500.
Lillian Katzin, who has already paid her share of a $50,000 special assessment through a payment plan with interest, says the program will be particularly beneficial for those with fixed incomes, such as seniors. “I think it’s a fabulous program because first of all, what is going to be happening in so many communities will be getting hit with this 40-year certification thing (for their condos) and have money for their reserves studies,” said Katzin.
Mayor Weinberg notes that the program comes in response to the tragedy that occurred in Surfside in 2021, emphasizing that Miami-Dade will no longer waive reserves on infrastructure.
Overall, the new program is a positive step forward for condo owners in Miami-Dade who are struggling to cope with the financial burden of special assessments for structural repairs.