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A 2020 report found Surfside condo lacked funds for necessary repairs. One expert called it a wake-up call
A 2020 report found Surfside condo lacked funds for necessary repairs. One expert called it a wake-up call
Posted: Jul 8, 2021 6:10 PM
Updated: Jul 8, 2021 6:10 PM
Posted By: By Casey Tolan, Curt Devine and Francesca Giuliani-Hoffman, CNN
An independent budget review warned the Champlain Towers South condo association that its financial reserves were critically underfunded in the face of urgently needed structural repairs a little over a year before the building collapsed, a document obtained by CNN shows.
The condo association only had 6.9% of the recommended level of money to complete repair and replacement projects and stay financially secure, according to a March 2020 report from Association Reserves, a company that analyzes housing association finances.
REPORT:SURFSIDE CONDO LACKED FUNDS FOR REPAIRS
AP
By Casey Tolan, Curt Devine and Francesca Giuliani-Hoffman, CNN
An independent budget review warned the Champlain Towers South condo association that its financial reserves were critically underfunded in the face of urgently needed structural repairs a little over a year before the building collapsed, a document obtained by CNN shows.
The condo association only had 6.9% of the recommended level of money to complete repair and replacement projects and stay financially secure, according to a March 2020 report from Association Reserves, a company that analyzes housing association finances.
The report said that various components of the Surfside, Florida, building had zero years of “remaining useful life.” Those included the entrance and garage where some experts believe concrete cracking may have contributed to last month’s deadly collapse.
Report found Surfside condo association was deeply underfunded as repair bills piled up
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