Lawmakers are considering a measure that would create a loan program for condominiums in need of repairs or maintenance.
It’s an effort to address the insurance issues impacting condos — especially older buildings built before 1980.
Over 30,000 units in the state are having issues with commercial lenders because they are unable to have full insurance coverage on their buildings.
Commercial lenders will generally not loan funds to a building if it is not properly insured.
A bill at the state Legislature would create a loan program accessible for condos that cannot get commercial financing for needed repairs.
The idea is that if buildings are able to make the needed repairs or infrastructure upgrades, it will be easier to get insured.
The measure passed out of the Finance Committee and will next be heard by the full House.
