Pursuant to House Bill 57 (2013), the Department of Business and Professional Regulation will be permitted to transfer additional funds in the to Florida Homeowners’ Construction Recovery Fund (Recovery Fund) to pay outstanding recovery claims during the 2013-2014 fiscal year. Based on the additional funding, Governor Rick Scott and the Florida Legislature have approved an $8 million dollar annual appropriation for payment of Recovery Fund claims.
Due to the previous economic downturn in the construction industry, the Recovery Fund received insufficient funds to pay all Florida Homeowners’ Construction Recovery Fund claims in the same years that they were received. The Department is diligently working to resolve the resulting backlog of recovery fund claims and will make payments as funds become available. The Recovery Fund has a total of 589 completed claims awaiting review by the Construction Industry Licensing Board (CILB) with a total approximate value of $13,153,267.45. DBPR anticipates that the additional appropriation will permit 364 outstanding claims to be presented to the CILB for approval and payment.
YA…We can pay 61% of the claims! Why? I’m not sure but it’s GREAT!