Cooperative Housing Corporations and Condominiums - Emergency Use of Reserve Funds

Summary

The bill permits cooperative housing corporations and condominium associations to draw on reserve money for emergency purposes that are not listed in their original funding plan. Such use is allowed only if at least two‑thirds of members or unit owners vote in favor and the funds are repaid to the reserve within five years. It also establishes how reserves must be funded and reviewed each year.

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

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