SALAZAR, WASSERMAN SCHULTZ REINTRODUCE BIPARTISAN BILL TO MAKE CONDOS SAFER AND MORE AFFORDABLE

Washington, DC - This week, U.S. Representatives María Elvira Salazar (FL-27) and Debbie Wasserman Schultz (FL-25) reintroduced the bipartisan Making Condos Safer and Affordable Act to help condominium owners afford critical structural and safety repairs. The legislation gives families greater access to financing for required building improvements, helping them stay in their homes while keeping their communities safe.

The bill expands access to two loan programs guaranteed by the U.S. Department of Housing and Urban Development (HUD), allowing condominium owners to finance special assessments required by their homeowners' or condominium associations for structural integrity and life-safety repairs. It also supports compliance with the updated building safety requirements enacted after the tragic Surfside condominium collapse that claimed 98 lives.

"The Surfside tragedy changed our community forever and reminded us that protecting families must always come first. As we honor those we lost, we must take action to help prevent another disaster," said Salazar. "This bipartisan bill gives condominium associations and homeowners the tools they need to finance critical safety repairs, protect residents, and preserve safe, affordable housing across South Florida."

"Five years ago, an unimaginable but entirely preventable tragedy rocked our South Florida community with the collapse of Surfside's Champlain Towers, claiming 98 innocent lives. While the cause was finally identified after years of investigations, action is still needed to stop this from happening again," said Wasserman Schultz. "My bipartisan Making Condos Safer and Affordable Act ensures condominium associations can afford to make pressing repairs and keep residents safe."

Key Provisions of the Making Condos Safer and Affordable Act:

• Expands the FHA 203(k) loan program to allow condominium owners to use these loans to help cover special assessments for critical structural and safety repairs.
• Strengthens the Title I Property Improvement Loan program by expanding federal loan insurance for private lenders financing special assessments for individual condominium owners and condominium associations. The bill also raises the maximum insured loan amount to $55,000, with future adjustments for inflation.
• Simplifies the loan application process to make it easier for condominium owners and associations to access financing for necessary repairs.
• Authorizes the Federal Housing Administration (FHA) to insure condominium association rehabilitation loans under Section 234 of the National Housing Act.
• Provides condominium associations with greater financing flexibility by allowing FHA-insured rehabilitation loans to be secured by future assessment income, real property, or a combination of both.
• Expands the eligible use of FHA-insured association loans to include the rehabilitation, repair, alteration, improvement, or replacement of a condominium project's common systems, infrastructure, and shared facilities.
• Protects taxpayers by limiting FHA insurance to 90 percent of rehabilitation costs, consistent with existing FHA multifamily rehabilitation insurance programs.

This legislation is endorsed by the Community Associations Institute. 

Read the full bill here.

Rep. Salazar's Housing Record

As a member of the House Financial Services Committee, Rep. Salazar has advanced bipartisan legislation to expand housing opportunities, strengthen homeownership, improve affordability, and deliver practical solutions to the housing challenges facing South Florida and communities across the country.

Her record includes:

• The RESIDE Act, legislation introduced by Rep. Salazar to help communities convert vacant and underutilized properties into attainable housing. The bill was incorporated into the final bipartisan 21st Century ROAD to Housing Act, which passed both the House and Senate and is awaiting the President's signature.
• Securing $3.5 million in federal funding for the Flagler Affordable Senior Housing Project in the City of Miami, helping expand affordable housing opportunities for low-income seniors in South Florida.
• The Home Advantage for American Families Act, legislation to help keep the American Dream of homeownership within reach by limiting the impact of large institutional and foreign investors that drive up housing costs for American families.
• The Shelter Act, bipartisan legislation that provides targeted tax incentives to help homeowners and small businesses strengthen their properties against future natural disasters.

The Making Condos Safer and Affordable Act builds on Rep. Salazar's work to preserve homeownership by giving condominium owners and associations the financial tools they need to finance critical structural and safety repairs, comply with updated building safety requirements, and help keep Florida families safely in their homes.