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Committee hears revisions to condo reserve-law after owners say current language is confusing
Summary
House Bill 292 clarifies reserve-study requirements for cooperative housing, condominiums and homeowners associations, enumerates funding methods and extends the time to meet funding targets; witnesses urged additional flexibility for boards and longer ramp periods for low-income communities.
The committee heard House Bill 292, which proposes clarifications to Maryland’s reserve-study and reserve-funding law for cooperative housing corporations, condominiums and homeowners associations.
Sponsor Delegate Marvin Holmes said the bill was intended to remove confusion and make clear that the statute does not mandate a single funding method. Holmes explained two common approaches used by reserve specialists — a pooling or cash-flow method and a component (sometimes described as full-funding) method — and showed how the methods differ in timing and total collections.
Witnesses including the Attorney…
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