Common Ownership Communities - Reserve Accounts and Reserve Studies - Alterations

Summary

The bill would force the boards of certain cooperative housing corporations, condominium associations, and homeowners’ associations to prepare a detailed reserve study and include the needed reserve contributions in their annual budget. It also lets a portion of owners declare a community financial hardship and extend that determination, and mandates adding funds to reserve accounts if funding falls short. The goal is to ensure adequate money is set aside for major repairs and replacements of common‑area components.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

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