C4P - Discuss Condominium Assistance
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REFERRAL TO THE FINANCE AND ECONOMIC RESILIENCY COMMITTEE – DISCUSSION REGARDING THE FEASIBILITY OF ESTABLISHING A CONDOMINIUM SPECIAL ASSESSMENT ASSISTANCE PROGRAM FOR FINANCIALLY VULNERABLE RESIDENTS.
Sponsors
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C4 P REFERRAL TO THE FINANCE AND ECONOMIC RESILIENCY COMMITTEE – DISCUSSION REGARDING THE FEASIBILITY OF ESTABLISHING A CONDOMINIUM SPECIAL ASSESSMENT ASSISTANCE PROGRAM FOR FINANCIALLY VULNERABLE RESIDENTS. Applicable Area:
COMMISSION MEMORANDUM
RECOMMENDATION
BACKGROUND/HISTORY
In light of the increasing financial burden that special assessments can place on condominium unit owners—particularly seniors and low- to moderate-income residents—this referral seeks to explore the possibility of creating a local assistance program modeled after the Condominium Special Assessment Program previously implemented by Miami-Dade County.
ANALYSIS
While the County’s program is currently paused for refinement, it provided income-based financial assistance in the form of long-term, low-interest loans to qualifying owner-occupants. A similar initiative at the City level could help ensure housing stability for residents facing large, unexpected assessments related to building repairs or safety upgrades.
The discussion should include:
· Eligibility criteria based on income and residency; · Loan structure and repayment terms; · Funding sources and fiscal impact; · Administrative requirements and coordination with condominium associations; · Safeguards to ensure the program is targeted, equitable, and sustainable.
FISCAL IMPACT STATEMENT
TBD
Does this Ordinance require a Business Impact Estimate? (FOR ORDINANCES ONLY)
If applicable, the Business Impact Estimate (BIE) was published on: See BIE at: https://www.miamibeachfl.gov/city-hall/city-clerk/meeting-notices/
FINANCIAL INFORMATION
CONCLUSION
The Administration is requested to evaluate the feasibility of establishing a condominium special assessment assistance program and provide recommendations to the Committee for further consideration.
Applicable Area
Citywide
Is this a “Residents Right to Know” item, pursuant to City Code Section 2-17?
Is this item related to a G.O. Bond Project?
No
No
Was this Agenda Item initially requested by a lobbyist which, as defined in Code Sec. 2-481, includes a principal engaged in lobbying? No
If so, specify the name of lobbyist(s) and principal(s): N/A
Department
Office of Commissioner David Suarez
Sponsor(s)
Commissioner David Suarez
Co-sponsor(s)
Condensed Title
Ref: FERC - Establish a Condominium Special Assessment Assistance Program. (Suarez)