Can a condo association waive its reserves?

Florida law requires many condominium buildings to complete a Structural Integrity Reserve Study covering major components like the roof, structure, waterproofing, and fire protection, and to fund the reserves the study calls for.

Since January 1, 2026, associations cannot waive or underfund those structural reserves by an owner vote. The bill for big repairs now has to be in the budget rather than deferred to a future special assessment.

Buildings below three habitable stories are exempt from the SIRS requirement, but the law still expects them to fund ordinary reserves, and the rules for reducing those follow their own limits.

The funding amounts update each year, so the exact thresholds in effect for a given budget year are worth confirming with the association.

The change is a major reason monthly fees have been rising in South Florida condos: buildings are finally funding the reserves they owe, plus covering higher insurance costs.

The tradeoff is that while fees go up, owners are less likely to face a sudden, massive special assessment for structural repairs.

Check the meeting minutes for any recent votes about reserves, and look at the reserve study's funding level. A well-funded building is a healthier purchase; a building that barely funds reserves may push costs into special assessments.

Lenders review the same records, so underfunded reserves can also make a unit harder to finance.

I read the reserve study, the financial statements, and the minutes with you, and flag what a funding shortfall would mean for your fees and your offer.

If you are selling, I guide you in presenting the building's financial health clearly, which protects your sale and gives buyers confidence.