US Century Bank’s Richard Alfonso explains how Florida’s new condo law is reshaping maintenance, financial planning, and community trust
“HB 913 is a major swing in public safety and accountability for condo associations across the state,” said Richard Alfonso, Senior Vice President and Director of Specialty Products at U.S. Century Bank.
For decades, only Miami-Dade and Broward counties required 10-year building recertifications, leaving much of Florida without regular structural oversight. “The Champlain Towers tragedy was a wake-up call,” Alfonso said. “It showed what can happen when maintenance is deferred, assessments are avoided, and people resist paying what’s necessary to keep buildings safe.”
He explained that HB 913 now requires all buildings three stories or higher to undergo regular structural integrity reports to ensure they are sound and properly maintained. However, to give people confidence in the safety of their homes, it is only natural that the maintenance fees will also go up.
“Associations can no longer keep costs artificially low. If you live in a condo, you have to take responsibility for maintaining it, not just for yourself, but for the people who come after you,” said Alfonso.
Ending the “Pay Later” mentality
One of the biggest changes under HB 913 is that condo boards can no longer waive reserve funds. In the past, associations could vote to skip saving for future repairs, which kept monthly fees low but left communities unprepared for major expenses.
“Now, saving for the future is mandatory,” Alfonso explained. “That means buildings will have funds ready when the roof, the pipes, or the concrete needs work. It prevents the kind of financial shock that leads to huge special assessments or loans.”
He added that while loans might still be needed for major projects, they’ll be “smaller and more manageable,” avoiding the kind of extreme situations seen before Surfside, where repair costs had ballooned to $35 million.
A new legal framework for property managers
The Surfside tragedy, Alfonso said, permanently changed how lenders, property managers, and condo boards approach building safety. “What used to be optional is now the law,” he said. “That gives managers a clear legal framework. They don’t have to convince their boards to do the right thing. It’s required.”
He believes this change will lead to greater accountability and consistency statewide. “Property managers are now in a stronger position to enforce safety and maintenance standards. Rather than preference, it’s more about compliance.”
Still, Alfonso cautioned that some challenges lie ahead. Miami is mostly concrete because of hurricane codes. But in Orlando, Naples, and Tampa, there are more wood structures. And with so many new inspections required, there’s already a shortage of engineers to handle all the reports.
The deadline extension and financial reality
Florida lawmakers extended the SIRS (Structural Integrity Reserve Study) deadline to December 2025, giving associations more time to complete inspections. Alfonso described it as “a pause, not a solution.”
“The delay was needed because there just aren’t enough engineers,” he said. “Many associations have already paid deposits and are waiting months to even start. It’s a backlog caused by high demand and limited resources.”
The challenge is that people are used to paying artificially low maintenance fees. As reserves build up, those fees will increase, and that’s going to hit some households hard. But according to Alfonso, it’s necessary for long-term safety and stability.
Loans that lighten the load
One of the more practical updates under HB 913 allows condo associations to use loans or lines of credit to fund their reserves. “This is a game-changer,” Alfonso said. “It gives associations breathing room while still meeting safety requirements.”
For example, if a building needs $3 million today for a new roof but doesn’t have the cash on hand, a loan lets them spread out payments instead of requiring everyone to pay thousands upfront. It gives residents a break.
Some loans work like a line of credit, allowing associations to draw funds as needed. “Every time they use part of that credit, the board approves a special assessment,” Alfonso said. “That becomes the lender’s guarantee. We don’t put liens on individual units or ask board members for personal guarantees. The special assessment itself secures the loan. It’s practical and less risky for everyone involved.”
U.S. Century Bank as a financial partner
According to Alfonso, U.S. Century Bank will no longer act solely as a lender. “We see ourselves as partners to condo associations,” he said. “Yes, we provide loans, but we also help them manage their finances the right way.”
Services include credit cards, lockbox systems, payment tools, etc., to make fee collection more efficient. “We offer competitive rates on money market accounts so associations can grow their reserves safely, and everything’s FDIC insured,” Alfonso added.
Trust and transparency
Alfonso stressed that transparency is crucial for rebuilding confidence in the condo community. “People are skeptical these days, and they question everyone’s motives,” he said. “That’s why HB 913 is so important. It separates engineering from contracting, meaning the person inspecting your building isn’t the same person getting paid to fix it. It eliminates conflicts of interest and ensures honesty in the process.”
Miami’s model leads the way
While Miami faces challenges of salt air, aging structures, and proximity to the ocean, Alfonso believes its inspection system has set the standard. “Miami-Dade and Broward have led the charge with recertifications that covered structure, electrical, and life safety,” he said. “Such a proactive approach has helped to maintain our community safe for its residents. Now, HB 913 takes that same idea statewide.”
He acknowledged the strain on resources but said the benefits outweigh the difficulties. If boards and management companies follow the law, South Florida will come out stronger, safer and property values should increase.
A message for condo associations, property managers, and the community
“If I could give condo associations one piece of advice,” Alfonso said, “it would be this: do a proper reserve study and commit to maintaining your building. Don’t assume the next owner will handle it. Everyone who lives in a condo has a responsibility to keep it safe and sound.”
He added, “The reason we have these challenges today is that people kept pushing the problem downstream. HB 913 will stop that cycle.”
Alfonso ended with a message of commitment to the community. “We’re here to serve Calle Ocho and all of South Florida. Our goal is to help associations stay financially stable and structurally secure for generations to come.”
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