Cooperative Housing Corporations, Condominiums, and Homeowners Associations – Funding of Reserve Accounts and Preparation of Funding Plans
What this bill does
Requiring that certain funds for certain reserve accounts be deposited on or before the last day of each fiscal year; requiring that certain updated reserve studies be prepared by a certain person; requiring the governing body of a cooperative housing corporation, a residential condominium, or a homeowners association to prepare a certain funding plan subject to certain requirements; authorizing a reasonable deviation from certain reserve funding requirements following a certain financial hardship determination; etc.
Analysis reads the bill text, the fiscal note, and the witness list. It is generated by Claude and reviewed by nobody, so check the source documents before you rely on it.