Cooperative Housing Corporations and Condominiums - Emergency Use of Reserve Funds

Summary

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

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

Topics

Share