A much-needed financial lifeline faces funding challenges as condo owners rush to apply for the condo loan program
The Miami-Dade County Condominium Special Assessment Loan Program has seen an overwhelming demand, as condo owners face significant financial challenges tied to mandatory structural improvements. Introduced in 2022, the program was designed to provide much-needed assistance in the wake of the Champlain Towers South collapse in Surfside, which prompted heightened awareness around building safety. With the growing number of condo owners in need of financial relief, the condo loan program offers loans of up to $50,000 to qualifying individuals, though the rapidly depleting funds are raising concerns for the future.
Available to households with an income below 140% of the area’s median, the condo loan program serves as a vital support system for condo owners, especially those unable to cover high special assessments upfront. Income eligibility is based on household size, with single individuals qualifying if their income is $111,160 or below annually. A household with two members can have an income of up to $127,120, and a four-person household can qualify with an income below $171,640. These income caps are based on the area median income, which is periodically adjusted by the U.S. Department of Housing and Urban Development…