If you’re a condo owner in Miami-Dade County, you’ve probably noticed that special assessments are skyrocketing—especially for buildings undergoing mandatory recertifications. The financial burden of these assessments can be overwhelming, but here’s some good news:
Miami-Dade County is offering up to $50,000 in financial assistance to help eligible condo owners cover these unexpected costs. If your building is facing a special assessment for safety-related repairs, you may qualify for this program. Let’s break down how it works.
Why Are Condo Assessments Rising?
Many buildings in Miami-Dade are required to go through recertification inspections at 30 and 40 years, and in the wake of the Surfside collapse, safety regulations have become stricter. Condo associations are being hit with costly repair mandates to bring aging buildings up to code, which often results in huge assessments for owners.
For some, these assessments total tens of thousands of dollars—creating a serious affordability crisis. The county’s new relief program is designed to prevent displacement and ease financial strain on condo owners.
Who Qualifies for the Program?
To be eligible, condo owners must meet specific income, property, and financial requirements. Here’s what you need to know:
Income Limits
- Individuals earning under $95,620
- Four-person households earning under $136,500
Income limits vary based on household size—check Miami-Dade’s official chart for exact figures.
Property & Residency Requirements
- Primary Residence Only – This program does not apply to investment or rental properties. You must live in the condo full-time.
- Mortgage & HOA Fees Must Be Current – Applicants must be up to date on mortgage payments and condo association dues.
Loan Terms & Financial Requirements
- 40-Year Surtax Loan – This is not a grant, but a loan with low monthly payments (as little as $50/month for lower-income households). The remaining balance is due at maturity.
- Cash Asset Limit – If you have more than $50,000 in liquid assets, you’ll need to contribute up to 10% of the loan amount as a down payment.
How Does the Program Work?
- The funds must be used for building recertification repairs—not general maintenance or other condo fees.
- Loan funds go directly to the condo association, covering the special assessment.
- Each unit can only use this program once.
- If you sell, refinance, or stop using the condo as your primary residence, the loan must be repaid.
- Condo associations must provide semi-annual updates on the project’s progress.
Why This Matters for Condo Owners
For many Miami-Dade residents, this program could be a lifeline. Rising assessment costs have forced some condo owners to sell or face financial hardship. With this relief option, more people can stay in their homes without shouldering an impossible financial burden.
How to Apply
To check full eligibility requirements, required documents, and apply, visit the Miami-Dade County Condominium Special Assessment Program.
💬 What do you think? Do you or someone you know need help with a condo assessment? Share this with fellow condo owners so they don’t miss out on potential financial relief!