CAI backs bipartisan condo repair financing bill

Community Associations Institute is supporting a reintroduced bipartisan bill aimed at expanding federal financing for condominium structural repairs and special assessments. The proposal is intended to help communities improve safety, speed approvals and protect affordability as aging buildings face higher repair costs.

Why it matters: - The Making Condos Safer and Affordable Act is designed to help condominium communities pay for critical structural repairs without pushing costs entirely onto homeowners. - The legislation targets a growing affordability and safety problem in aging condo buildings across the U.S. - The bill aims to reduce the risk of costly emergency repairs and support long-term housing stability.

What happened: - Community Associations Institute said Tuesday it supports the reintroduction of the Making Condos Safer and Affordable Act by Florida Reps. Debbie Wasserman Schultz and Maria Elvira Salazar. - The bipartisan bill is H.R. 9569. - The legislation would expand access to federal financing tools for condominium owners and associations. - The bill would also streamline the loan process for structural repairs and large-scale rehabilitation projects.

The details: - The proposal would modernize and expand federal loan programs for condominium communities. - The bill is meant to help associations manage special assessments tied to essential repairs. - The legislation would give communities more flexibility when undertaking major rehabilitation work. - CAI said the measure would strengthen long-term building safety. - The Foundation for Community Association Research estimates 32.2 million Americans live in about 140,000 to 150,000 condominium and housing cooperative buildings nationwide. - Many of those buildings are more than 30 years old. - CAI pointed to heightened attention to building safety after the Surfside condominium collapse. - CAI also provided a resource page at condosafety.com for more information on legislation, laws and regulations.

Between the lines: - The bill reflects a push to make building safety financing more predictable before communities face emergency-level repairs. - The emphasis on federal loan access suggests lawmakers are looking for a middle ground between state-level safety mandates and homeowner affordability. - CAI is framing the issue as both a safety problem and a financial planning problem for aging housing stock.

What's next: - CAI said it will keep working with federal lawmakers, regulators, industry partners and its membership to advance policies on building safety and financial sustainability. - The group said it will also continue pushing for responsible governance in condominium communities. - The legislation now depends on congressional action as supporters seek to move the bill forward.

The bottom line: - The bill is a bid to make condo safety upgrades easier to finance, while limiting the affordability hit for millions of residents.