In The News
Community Associations Institute revises key condo-safety public policy recommendations
In the days prior to the two-year anniversary of the tragic partial collapse of Champlain Tower South, the Community Associations Institute announced some major changes to its recommended condo-safety policies and reforms. CAI, which is the leading organization representing the interests of community associations, revealed that it now recommends statutorily mandating reserve studies and funding for all community associations.
For nearly 40 years, the organization’s recommended public policy called for leaving reserves funding and studies up to the individual associations, rather than mandates in state law. That began to change after Surfside when it convened three specialized task forces to explore changes to laws and best practices that could help to prevent a similar disaster.
The task forces recommended that CAI review and update its reserve studies and funding public policies, which were initially established in 1983 and last updated in 2012. The organization has now acted on that suggestion, and the changes go well beyond the call for new state mandates.
Read more at: https://www.miamiherald.com/news/business/real-estate-news/article277701278.html#storylink=cpy
