The continual impact and spread of COVID-19 has brought much uncertainty and concern to the forefront of common interest realty association’s (CIRA) minds, including how to continue operating efficiently in the midst of an emergency while keeping the safety and welfare of owners, staff and guests top of mind.
In an effort to provide relief for CIRAs, the Florida Department of Business and Professional Regulation (DBPR) has issued Emergency Order 2020-04 (“the Order”) on March 27, 2020.
contact a member of Withum’s Hospitality Services Group.
As a result of the Order, the timing requirements of financial reports of condominium associations and cooperative associations are suspended. The reporting deadline requirements for submitting timeshare association audited financial statements and tax escrow receipts and disbursement reports have also been suspended. At the time of this article release, new deadline requirements have not been announced by the DBPR.
The Order also suspends certain conditions of the emergency powers of the condominium association, cooperative association and homeowners’ association board of directors. The exercise of these powers during Florida’s declared state of emergency is now available to help protect the health, safety and welfare of the association and individuals including, but not limited to, unit owners, unit owners’ family team members, tenants and guests.
As the situation unfolds, stay tuned for more developments that may affect your association. For more information on this topic, please reach out to a member of Withum’s Hospitality Services team and visit Withum’s COVID-19 Resource Center for insights to help you and your association during this challenging time.