This bill requires certain community associations to conduct a reserve study (and update that study every five years), and it now applies to our entire state.
Who this impacts
• Cooperative housing corporations
• Residential condos
• Homeowners associations “for which initial purchase and installation costs for all components identified under existingstatutory provisions total at least $10,000”
Bottom line? If your property meets the criteria shown above, you must complete the reserve study requirement by October 1, 2023. Also, the study must be completed by an individual who meets certain qualifications.
If you have questions about House Bill 107, you should contact your homeowners association.