Gov. Josh Green signed several measures into law that are aimed at assisting condominium owners with large expenses.
One of the measures allows condominium owners, who don’t have direct ownership of a roof, to pay into a collective investment fund. The money would go toward energy projects and loans for those who cannot afford them.
In return, those who pay into the fund would get certain solar energy tax credits, income derived from solar energy generation, and the repayment of the loans.
Green said the state is working to find solutions to rising costs for condominium owners.
“We've got insurance costs that are rising as climate risks increase. The HOA associations are seeing rising costs and struggling to deal with resident needs,” he said.
“You can see that condo issues are a reflection of our broader affordable housing problems and it's becoming a crisis. We've been really intent on making some solutions and fortunately, the Legislature stepped up for this.”
Another measure Green signed allows condominium associations to secure less expensive financing for big maintenance projects, such as fire sprinkler installations and water pipe replacements.
The measure also allows the cost to be passed down to the new owner of individual units if they are sold.
A new task force is assessing solutions for condominiums struggling to secure insurance. Green said he will resume the legislative session in July if there are immediate recommendations from the group.
