Robert Smith, president of the South region, featured in Newsweek discussing new condo reform bill
DANIA BEACH, Fla. — June 24, 2025
Florida Governor Ron DeSantis is ready to sign a bill reforming the recently implemented building safety legislation that has thrown the state's condo market into chaos, hoping to offer owners some relief from rising costs.
The bill does not eliminate the requirement for regular inspections or for the creation of a reserve fund for future maintenance, but it gives condo associations more time to get it in place.
"The immediate impact is that condo associations now have much more flexibility and uniformity when it comes to reserve requirements," Robert G. Smith, president of the South region for FirstService Residential, told Newsweek. "Instead of being required to fully fund reserves right away, they can now prioritize the urgent repairs, especially those flagged during inspections."
Under the legislation now on DeSantis's desk, condo associations can temporarily pause reserve fund contributions for up to two years. In short, the new bill "gives associations time to focus on what matters most," Smith said. "It also introduces a standardized format for reserve studies, bringing more consistency and clarity."
Additionally, HB 913 allows condo associations to use alternative funding methods, like loans or lines of credit, to meet reserve obligations. "That's a major relief for boards who are feeling the financial pressure," Smith said.
Will this new bill help Florida condo owners? "This bill gives owners much-needed breathing room," Smith said.
Read the full article here: https://www.newsweek.com/what-condo-reform-bill-means-florida-2087883
Florida Governor Ron DeSantis is ready to sign a bill reforming the recently implemented building safety legislation that has thrown the state's condo market into chaos, hoping to offer owners some relief from rising costs.
What problem is the new bill addressing?
Florida is facing a condo crisis due to a law requiring inspections and reserve funds for buildings three stories or higher. Passed after the Champlain Towers collapse in 2021, which had many casualties, the law aims to prevent future tragedies but has placed a heavy financial burden on owners. Rising costs have led to increased property sales, surging inventory, and declining demand, leaving many owners struggling with escalating fees or at risk of losing their homes.What does the new bill change?
House Bill 913 aims to balance the safety requirements introduced by legislation passed after the deadly Surfside collapse with more financial flexibility for homeowners associations and condo owners.The bill does not eliminate the requirement for regular inspections or for the creation of a reserve fund for future maintenance, but it gives condo associations more time to get it in place.
"The immediate impact is that condo associations now have much more flexibility and uniformity when it comes to reserve requirements," Robert G. Smith, president of the South region for FirstService Residential, told Newsweek. "Instead of being required to fully fund reserves right away, they can now prioritize the urgent repairs, especially those flagged during inspections."
Under the legislation now on DeSantis's desk, condo associations can temporarily pause reserve fund contributions for up to two years. In short, the new bill "gives associations time to focus on what matters most," Smith said. "It also introduces a standardized format for reserve studies, bringing more consistency and clarity."
Additionally, HB 913 allows condo associations to use alternative funding methods, like loans or lines of credit, to meet reserve obligations. "That's a major relief for boards who are feeling the financial pressure," Smith said.
Will this new bill help Florida condo owners? "This bill gives owners much-needed breathing room," Smith said.
Read the full article here: https://www.newsweek.com/what-condo-reform-bill-means-florida-2087883