Miami-Dade County commissioners passed sweeping disclosure rules for all condominium and homeowner associations to release financial statements and information about building maintenance to the public.
The legislation requires the submissions by February 2023, with the documents then uploaded onto a county database available to the public.
The county’s chief operations officer, Jimmy Morales, said in a letter filed with the proposal that the measure would help residents by making information more readily available. The data may harm the value of units in associations with “significant maintenance and repair obligations, financial distress, or other challenges,” he wrote.
Passed unanimously, the law is part of a package of legislation proposed after the June 24 partial collapse of the Champlain Towers South condo tower in Surfside. The catastrophe, which killed 98 people, sparked calls for more scrutiny and transparency on how condo buildings are maintained and managed.