INSTITUT DES ASSOCIATIONS COMMUNAUTAIRES (CAI) SHARES CONDO SAFETY RESOURCES FOLLOWING SURFSIDE TRAGEDY
News and research before you hear about it on CNBC et al. Claim your 1-week free trial for Street Insider Premiumhere.
Falls Church, Va., June 30, 2021 (GLOBE NEWSWIRE) – Condominium association residents and volunteer board members around the world naturally have questions about the safety of their own communities and how to protect their buildings after the tragic collapse of the South Champlain Tower in Surfside, Florida. Institute of Community Associations (CAI), the leading international authority on the education, governance and management of community associations, provides information and resources to help residents and relevant board members understand structural integrity, maintenance and reserves.
Condominium residents should ask the following questions of the community board members and the community association manager:
Is our building safe?
What are we doing to protect our health, our safety and our investments?
Does our community have a back-up study to plan the repair and replacement of major community-owned components? When was this back-up study last updated?
Does our community have a plan to fund the repair and replacement of major community owned components?
Does our building need inspection by a professional engineer to assess the structural integrity of the building?
Are critical building elements such as structure, balconies, stairwells, etc. included in the study of the reserve?
Will a special contribution be required to finance the repair and replacement of any component that is not part of the reserve study?
There are also several steps that condominium owners can take to protect themselves and their investment:
Review your reserve fundraising plan and fund it accordingly.
Talk to owners in your community about the study / plan / schedule and funding for the reserve.
Take the actions required in the back-up plan.
Maintain frequent communication with residents / owners regarding these important matters.
Be transparent with homeowners about the cost of repairs and whether a special appraisal may be needed.
“CAI is devastated by the Surfside, Florida tragedy. CAI members lived and worked in Champlain Tower South, and all of our members are in shock, ”said Thomas M. Skiba, CAE, Managing Director of CAI. “We are following the news from Surfside closely and we continue to hope in the rescue efforts. The resources and information we share today can help communities take action to prevent this type of disaster from happening again. “
More than 73 million Americans live in community associations, also known as condominiums, housing co-ops, and homeowners associations. Condominium reserve study laws vary by state.
Reserve studies or reserve calendars are required in California, Colorado, Delaware, Florida, Hawaii, Nevada, Oregon, Utah, Virginia, and Wisconsin. Washington state legally encourages associations to have a reserve survey conducted every three years, unless it imposes unreasonable duress. In most states, there are several points at which owners are made aware of reservations, including:
Initial point of sale / public offering statement where many states have laws requiring the registrant to provide the buyer with information about the existence of funding (reserves) for future repair and replacement of major components.
Disclosure of budgeted funds for future repair and replacement of major components when reselling a unit to a new owner.
CAI subject matter experts are available for interviews. Interested media should contact Amy Repke at [email protected] and (703) 624-2179.
About the Institute of Community Associations Since 1973, Institute of Community Associations (CAI) is the leading provider of resources and information for landlords, volunteer leaders, professional managers and business professionals in more than 350,000 homeowner’s associations, condominiums and housing co-ops in the United States and in millions of communities around the world. With more than 42,000 members, CAI works in partnership with 36 legislative action committees and 63 affiliated chapters in the United States, Canada, South Africa and the United Arab Emirates as well as with housing leaders in several other countries, including Australia, Spain and the United Kingdom. A global 501 (c) (6) non-profit organization, CAI is the leading authority on the management, governance, education and advocacy of community associations. Our mission is to inspire professionalism, effective leadership and responsible citizenship, ideals reflected in community associations which are privileged places to feel at home. Visit us at www.caionline.org, and follow us on Twitter and Facebook @CAISocial.
In addition to this, you need to know more about it.