A 2020 report found Surfside condo lacked funds for necessary repairs. One expert called it a 'wake-up call'
A 2020 report found Surfside condo lacked funds for necessary repairs. One expert called it a 'wake-up call'
Posted: Jul 8, 2021 6:10 PM
Updated: Jul 8, 2021 6:10 PM
Posted By: By Casey Tolan, Curt Devine and Francesca Giuliani-Hoffman, CNN
An independent budget review warned the Champlain Towers South condo association that its financial reserves were critically underfunded in the face of urgently needed structural repairs a little over a year before the building collapsed, a document obtained by CNN shows.
The condo association only had 6.9% of the recommended level of money to complete repair and replacement projects and stay financially secure, according to a March 2020 report from Association Reserves, a company that analyzes housing association finances.