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House panel clarifies reserve-funding options for condominiums, adds flexibility for hardship cases
Summary
Delegates adopted committee amendments to House Bill 292 to expand acceptable reserve funding methods for condominiums and homeowners associations, extend the initial reserve-study timeframe from three to five years, and permit governing bodies to deviate from funding schedules for documented financial hardship.
House Bill 292, which adjusts how cooperative housing corporations, condominiums and homeowners associations plan and fund reserve accounts for major repairs and replacements, was marked favorable with multiple committee amendments on March 4.
The floor sponsor said the bill's intent is to ensure boards, managers and reserve-study specialists can agree on the funding mechanism best suited…
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