Miami-Dade County has launched a loan program to assist condominium owners facing special assessment payments for structural repairs. Under the program, owners with incomes below the area median ($95,620 for singles and $109,200 for couples) can qualify for a zero percent interest rate loan of up to $50,000 to cover special assessment costs related to building recertification requirements. This program is part of a larger effort by the Miami-Dade County Commission to address housing and affordability issues in the area. If you are a condominium owner in need of repair assistance, this loan program may offer the relief you need to ensure the safety and stability of your building.
Miami-Dade Mayor Daniella Levine Cava recently spoke at a town hall in Aventura about the county’s new loan program for condo owners facing special assessment payments. While the tragic collapse of Champlain Towers South in 2021 was a catalyst for the program’s creation, Levine Cava emphasized that its purpose extends beyond that singular event.
“Unfortunately, it’s a tragedy that brings these things to bear and then we react and then we do something to try to prevent future tragedies,” she stated
“Unfortunately, it’s a tragedy that brings these things to bear and then we react and then we do something to try to prevent future tragedies,” she stated. The loan program is just one of several measures being implemented to address housing and affordability concerns in the county, and it represents a step forward in ensuring the safety and security of Miami-Dade’s many condominiums.
Miami-Dade County’s new loan program for condo owners offers a zero percent interest rate and a 40-year payback period. The program has a budget of $9 million and is designed to assist condo owners with special assessment payments for building repairs. Owners with cash assets over $50,000 will be required to put down up to 10% of the loan amount. If an owner sells their condo or it is no longer their primary residence before the loan is repaid, the remaining balance becomes due. While the loan program aims to provide much-needed relief to condo owners facing structural repairs, some residents have raised concerns about the program’s feasibility given its limited budget. Nonetheless, this program represents a significant effort to address the pressing housing and affordability issues facing Miami-Dade County.
Some residents have expressed concerns about the feasibility of the new loan program for condo owners in Miami-Dade County, which has a budget of $9 million. Aventura resident Stuart Kalishman questioned the program’s limited budget, saying,
“Assuming that the average condominium has about 300 unit owners in it, 300 times say $30,000 is $9 million. It could easily get wiped out with just one building applying for this loan.”
With 6,000 condo communities in the county, Kalishman believes that $9 million is insufficient. However, Miami-Dade Mayor Daniella Levine Cava assured residents that the program did not have a deadline and that additional funds could be allocated if needed. She emphasized that the program’s primary goal is to help people remain in their homes by providing assistance with necessary repairs. The program’s eligibility requirements can be reviewed on the county’s website, and it represents a significant step forward in addressing the affordability and housing issues facing Miami-Dade County.
To learn more about the program and qualification visit the county’s website here.