Crist signs distressed condominium bill, vetoes CDD taxing option Read more: Crist signs distressed condominium bill, vetoes CDD taxing option - Jack

As expected, Gov. Charlie Crist signed the Distressed Condominium Relief Act into law late Tuesday, broadening the powers of community associations when it comes to delinquent unit owners while making it easier for lenders to make bulk sales on foreclosed units.

Sen. Mike Fasano, R-New Port Richey, co-authored Senate Bill 1196, which had just four dissenters in the Florida House when it was passed last April. It was designed as a give-and-take between lenders of distressed condo properties and the associations that run them, allowing a bulk buyer to not carry the liabilities normally assigned to a developer, while creating avenues for community associations to suspend access to common areas for unit owners and tenants delinquent in assessments.

The law will go into effect July 1.

Among the nearly 20 bills Crist acted upon Tuesday, seven of them were vetoes, including House Bill 7203, which would have allowed community development districts without qualified electors — found mostly in primarily commercial CDDs — to levy an optional tax of up to 1 percent on all commercial rental transactions.