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Bill to protect deed‑restricted condo owners from assessment shocks gets hearing; committee holds for study
Summary
Senate Bill 724 would require board representation for affordable unit owners in mixed-income condominium projects, let deed‑restricted owners pay half of special assessments and allow payment plans; the committee held the bill after testimony from affected owners and advocates.
Senate Bill 724, introduced to address problems arising in mixed‑income condominium developments, received supportive testimony and was held for further study by the Senate Committee on Housing and Municipal Government.
Sponsor Senator Valverde said the bill aims to protect affordable unit owners inside mixed‑income condo associations by guaranteeing representation for deed‑restricted owners on executive boards, limiting the share of some special assessments that deed‑restricted…
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