Community Associations Institute (CAI) members are grateful to Representative Wasserman-Schultz’ and Representative Posey's commitment to condominium safety. Since the tragic partial condominium collapse of Champlain Towers South two years ago, CAI is committed to condominium safety, structurally sound, and fiscally responsible communities. If passed, this legislation will provide important resources millions of Americans living in condominium buildings need. “Our collective efforts remain dedicated to the memory of those 98 individuals who lost their lives, those who lost loved ones, and those who lost their homes during this tragic condominium collapse,” says Thomas M. Skiba, CAE, CAI’s chief executive officer.
The Foundation for Community Association Research estimate there are 140,000-150,000 condominium and housing cooperative buildings in the U.S. According to the American Communities Survey, approximately two-thirds of the buildings are older than 30 years old. Some of these buildings may need critical repairs and homeowners may not have access to the funding needed. The Making Condos Safer and Affordable Act will provide access to low-interest, government-backed loan products, which leads to safer and more affordable condominiums.
Congress needs to hear from CAI members and community association professionals to let them know why this legislation is important. We encourage members to contact their member of Congress and urge them to support this legislation.