Miami-Dade County is known for its stunning beaches and coveted coastal condominium communities. However, with the charm of these residences comes the responsibility of maintaining their structural integrity. After legislators passed rigid condominium safety reforms, many Floridians have been left wondering how they’ll be able to afford the special assessments coming their way. For Miami-Dade County residents, a lifeline has been extended to owners facing the financial burden of essential repairs and rehabilitation through The Condominium Special Assessment Program.
The Condominium Special Assessment Program was specifically designed to provide much-needed funding to help condominium owners in Miami-Dade County address special assessment requirements stemming from building integrity recertification. But, not all residents are eligible to benefit from the program.
Program eligibility is based on income levels. Condo owners whose income falls below 140% of the area median income (AMI) are eligible for assistance. This means individuals earning less than $95,620, couples earning less than $109,200, three-person households earning less than $122,920, and households of four earning less than $136,500 may qualify for assistance.
Financial Relief in the Form of a Loan
The financial assistance provided through the Condominium Special Assessment Program comes as a loan. This loan structure has been designed to mitigate the financial burden on families while ensuring compliance with the Miami-Dade County Documentary Surtax Program, which provides affordable housing assistance to thousands of low and moderate income Miami-Dade County residents. While it is a loan, the terms are structured to be manageable, recognizing the importance of supporting condo owners in preserving their homes. The following are additional program details:
- The program will address physical damage to the condominium.
- The homeowner must reside in the unit, and it must be their primary residence and homestead; Investment owners are not eligible for program assistance.
- The program will provide loans up to $50,000.00 with a repayment term of 40 years.
- The monthly payment will be $50.00 for low-income families with the remaining balance due at Maturity Date.
- The monthly payment for moderate income families will be calculated at 0.00% interest rate for 40 years.
- Any cash assets exceeding $50,000.00 must be used for down payment up to 10% of the loan amount.
- If the owner sells the property, cash out refinance or ceases to use the home as primary residence, the balance of the loan becomes due and payable.
- Upon the death of the owner, the loan shall become due and payable in full unless ownership of the property passes to the heirs of owner and those heirs meet the specific criteria.
- One-time assessment per unit owner.
- The rehabilitation funds will be payable to the Condominium Association.
- The Condominium Budget and Condo Questioner will be required and reviewed.
- Mortgage payments and HOA/Maintenance fees must be current.
- A description of the work to be done and/or the Scope of Work will be required to determine the loan assistance.
- Semi-annual reports from the Condominium Association will be required.
Applying for Assistance
If you’re a condominium owner in Miami-Dade County and believe you meet the eligibility criteria, applying for the Condominium Special Assessment Program is straightforward. Detailed information on eligibility requirements and how to apply can be found on their official website.
For more information about the program, eligibility requirements, and how to apply, click here.