Florida SIRS Assessments: What Owners Can Do

Florida owners facing SIRS assessments have options: payment plans, association loans, county assistance programs, personal financing, strategic sale timing, or temporary waivers.

The envelope from your HOA sits on the counter. Inside is a special assessment notice for $45,000. It's due to SIRS compliance. You have 90 days to pay.

You're not alone. Across Florida, condo owners are opening similar letters. Post-Surfside structural safety laws now require buildings to fully fund reserves for 8 critical components. Reserve waivers are over. The bills are arriving.

Based on GoverningDocs analysis of 38 Florida SIRS reports, 26.1% of HOAs are underfunded below 50%. That means roughly one in four Florida condo buildings is facing significant assessment pressure right now.

But getting an assessment notice doesn't mean you're out of options. Florida law, county programs, and your own association's bylaws give you several paths forward. Here's what they are and how to use them.

First, take a breath. Then read the notice carefully. Look for these four things:

• Total amount due: What's your unit's share of the assessment?
• Payment deadline: When is it due? Is there a single lump sum or installment option?
• What it covers: Which SIRS components need repair or reserve funding?
• Consequences of non-payment: What happens if you can't pay on time? (Liens, late fees, interest.)

After the Champlain Towers South collapse in 2021, Florida passed laws requiring condos and co-ops with 3 or more habitable stories to complete a Structural Integrity Reserve Study (SIRS). Under current law, associations with budgets adopted on or after December 31, 2024, can no longer waive funding for the mandatory SIRS components, and full SIRS reserve funding must begin by January 1, 2026.

The 8 Mandatory SIRS Components

• Roof
• Structure (load-bearing walls, columns, foundations)
• Fireproofing and fire protection systems
• Plumbing
• Electrical systems
• Waterproofing and exterior painting
• Windows and exterior doors (common area)
• Any other item with a deferred maintenance expense or replacement cost exceeding $25,000 that affects structural integrity (threshold raised from $10,000 by HB 913, adjusted annually for inflation)

SIRS vs. Non-SIRS Assessments

This is a critical distinction. Under current Florida law, SIRS reserves can no longer be waived by owner vote for budgets adopted on or after December 31, 2024. Non-SIRS reserves (pools, landscaping, HVAC) may still be subject to waiver by owner vote, depending on the association's governing documents. If your assessment is specifically for SIRS components, the association was required by law to fund them. Consult a Florida real estate attorney for questions about your specific situation.

Related: Florida Condo Crisis 2026: What Buyers Must Know →

Many associations allow owners to pay assessments in installments rather than a single lump sum. This is often the simplest and most accessible option.

• How to request: Contact your property manager or board in writing. Ask specifically about installment options.
• Typical terms: 12-36 monthly payments, sometimes with interest (usually 8-18% annually).
• What to expect: Some associations charge a setup fee or require a down payment (10-25% of total).
• If you miss payments: Late fees accrue, and the association can accelerate the full balance due. This can also trigger lien proceedings.

Instead of hitting every owner with a massive one-time assessment, your association can take out a loan to fund the repairs and repay it over time through slightly higher monthly assessments.

• How it works: The association borrows from a bank or lender. Repayment is built into monthly HOA fees over 5-15 years.
• Approval required: Voting requirements vary by association. Check your governing documents and consult your association's attorney for the specific approval process.
• Advantage: Spreads a $50,000 assessment into something like $350-500/month added to your HOA fee.
• Downside: Interest adds to total cost. And owners who sell early still benefit while remaining owners keep paying.

If your board hasn't explored association financing, raise it at the next meeting. Several lenders specialize in condo association loans and understand Florida's SIRS requirements. Your property management company or a community association attorney can help identify lending options.

Six options available to Florida condo owners facing SIRS assessments

Miami-Dade Condominium Special Assessment Program

Miami-Dade County has a dedicated program for condo owners who can't afford special assessments. It's one of the most generous assistance programs in Florida.

Miami-Dade County's assistance program for condo owners facing special assessments

• Loan amount: Up to $50,000
• Repayment term: Up to 40 years
• Income limit: Household income must be below 140% of Area Median Income (AMI)
• Status: Program was temporarily paused in August 2025 with plans to relaunch in early 2026. Check the county website for current availability.
• How to apply: Through Miami-Dade County Housing and Community Development

Check Your County

Miami-Dade isn't the only county exploring assistance. Palm Beach County commissioners have discussed creating a similar fund for low-interest loans, though details are still being finalized. Contact your county's housing department to ask what's available in your area.

You can also check with the Florida Housing Finance Corporation for state-level programs that may apply.

If the association doesn't offer a payment plan or loan option, you'll need to finance the assessment yourself. Here are the most common approaches, ranked from best to worst:

A HELOC is usually the best option if you have equity in your unit. If your assessment is due quickly, a personal loan from your bank or credit union can fund in a few days.

Some owners decide to sell rather than pay a large assessment. This is a legitimate option, but it comes with trade-offs in today's market.

Market Reality

• Florida condo values are down significantly for older buildings (30+ years), with statewide condo prices down roughly 8-14% from peak
• In major Florida metros, 85-92% of condo sales are closing below asking price (per Redfin)
• South Florida has 10-13+ months of condo inventory, meaning buyers have leverage
• TD Economics projects recovery by late 2026, but timing is uncertain

Timing Considerations

• Sell before the assessment is levied: Buyers will still discover the building's reserve situation during due diligence, so you'll likely need to price accordingly.
• Sell after paying: A paid assessment and SIRS-compliant building can actually be a selling point. "Repairs done, reserves funded" attracts buyers who want certainty.
• Negotiate with the buyer: You can split the assessment, offer a credit at closing, or adjust the sale price.

Florida's HB 913 includes a provision allowing associations to temporarily suspend SIRS reserve contributions under specific conditions:

• When it may apply: The building must have completed a milestone inspection within the previous 2 calendar years that identified necessary structural repairs.
• Duration: Up to 2 consecutive annual budget cycles, per the statute.
• Approval: Generally requires a majority vote of total voting interests (not just the board). Check your governing documents.
• Sunset: Available for budgets adopted on or before December 31, 2028, per the current statute.
• Key point: This doesn't eliminate the funding requirement. It delays contributions while the association addresses repairs identified in the milestone inspection. Associations should consult legal counsel before invoking this provision.

Many Florida condo owners are retirees living on Social Security and fixed pensions. A $30,000-$100,000 assessment can feel impossible. Here's what to consider:

• Talk to your board first. Many associations have informal hardship policies. If they don't, ask the board to create one. Boards generally prefer to work with struggling owners rather than go through foreclosure proceedings.
• Apply for county assistance. The Miami-Dade program (and similar county programs) specifically targets moderate-income residents. The 140% AMI threshold covers many retirees.
• Consult a housing counselor. HUD-approved housing counseling agencies can help you evaluate your options for free. Find one at hud.gov/findacounselor.
• Explore reverse mortgage options carefully. Some owners 62 and older consider a Home Equity Conversion Mortgage (HECM). These products have significant terms, costs, and ongoing obligations (including property taxes and insurance). HUD-approved counseling is required before obtaining one. Speak with a licensed financial advisor before pursuing this option.
• Know your legal rights. Consult with a real estate attorney before making major decisions. Some owners have successfully negotiated reduced assessments or extended terms through legal counsel.

If selling becomes the right choice, that's OK too. Sometimes the smartest financial decision is to sell a unit you can't afford to maintain and move into housing that fits your budget. There's no shame in being practical.

The biggest mistakes owners make when facing SIRS assessments

• Don't ignore the notice. Unpaid assessments typically accrue interest and late fees. Under Florida law, associations may lien your unit for unpaid assessments, and those liens can potentially lead to foreclosure proceedings.
• Don't assume it will go away. SIRS reserves are mandatory. The law changed permanently. Your building's obligations aren't going to be reversed.
• Don't miss payment deadlines without communicating. If you can't pay on time, tell your board or management company before the deadline. Proactive communication usually leads to better outcomes than silence.
• Don't make panic decisions. Selling your unit at a steep loss in today's buyer's market may cost more than paying the assessment. Run the numbers first.
• Don't go it alone. Talk to a housing counselor, attorney, or financial advisor before making major moves. Many offer free initial consultations.