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Florida Statute s. 718.112(2)(f) and (g)

Florida condo reserve funding and SIRS requirements

After the Surfside tower collapse in 2021, Florida overhauled condominium reserve requirements. Buildings of three or more stories must now complete a structural integrity reserve study every 10 years, and reserves for those components cannot be waived.

Background: the post-Surfside reforms

The collapse of Champlain Towers South in Surfside, Florida, in June 2021 prompted the legislature to pass SB 4-D (2022) and HB 1021 (2024). These laws created the SIRS requirement and eliminated the ability to waive reserves for critical structural components.

What is a SIRS?

A structural integrity reserve study (SIRS) is a reserve study that evaluates the remaining useful life and replacement cost of specific structural components of a condominium building. It must be performed by a licensed engineer or architect.

Which buildings need a SIRS?

Any condominium building that is three stories or more in height must have a SIRS completed. The initial SIRS must be completed by December 31, 2025 (for buildings that are 25 years old or older as of July 1, 2022), and every 10 years thereafter.

The 8 required structural components

The SIRS must address the following component categories:

  1. Roof
  2. Load-bearing walls and primary structural members
  3. Floor
  4. Foundation
  5. Fireproofing and fire protection systems
  6. Plumbing
  7. Electrical systems
  8. Waterproofing and exterior painting

Reserves for SIRS components cannot be waived

Before the Surfside reforms, unit owners could vote to waive or reduce reserve contributions. Under the amended statute, reserves for the structural components identified in a SIRS may not be waived or reduced by a vote of the membership. The association must fund these reserves at the levels determined by the study.

General reserve requirements

F.S. 718.112(2)(f) also addresses reserves for non-SIRS items such as paving, recreational facilities, and other deferred maintenance. Reserves for these items may still be waived or reduced by a majority vote of the membership at a duly noticed meeting. However, the budget must disclose the estimated replacement cost and the annual reserve funding amount for each item.

Consequences of noncompliance

Associations that fail to complete a required SIRS or fail to fund SIRS reserves may face enforcement action by the Division of Florida Condominiums, Timeshares, and Mobile Homes within the Department of Business and Professional Regulation (DBPR). Board members who knowingly fail to comply with reserve requirements may be personally liable.

When to talk to a Florida condominium attorney

This page summarizes the statutory framework. Consult a Florida-licensed condominium attorney if:

  • Your association has not completed a required SIRS by the statutory deadline
  • The board is attempting to waive or reduce SIRS reserve contributions
  • You have questions about how the SIRS findings affect your unit's assessments
  • You need guidance on the transition from the old reserve rules to the new requirements

Source

F.S. 718.112 on flsenate.gov (subsections (2)(f) and (2)(g) govern reserves and SIRS).

JeLe Ventures LLC publishes this page as a statutory reference. It is not legal advice. Terms of Service

Florida Condo Reserve Funding and SIRS Requirements | CondoStream