Condominiums are not only a functional but beautiful solution to the housing need within Houston and Texas’s city centers that serve everyone from the young professional to the retiree. They provide an equity building vehicle for their owners and are some of Houston’s most renowned and iconic architecture. They serve a vital part of the collective interest of our growing city. However, as illustrated by the collapse of Surfside’s Champlain Towers in Florida, condominiums of all ages face an existential threat: underfunded infrastructure.
Infrastructure is as much a financial problem as a structural one and solving this requires condominium managers to take on a larger role in future planning. Now with new federal mortgage lending guidelines set to go into effect Jan. 1, 2022 which impose stricter rules on condominiums with significant deferred maintenance, board members are left with an ultimatum: fix your infrastructure now or potentially lose financing options.