Common Ownership Communities - Reserve Accounts and Reserve Studies - Alterations
What this bill does
Requiring the governing bodies of certain cooperative housing corporations, condominiums, or homeowners associations to adopt an annual budget that includes certain calculations for the cost to repair or replace capital components that are the responsibility of the common ownership community; providing that a certain portion of the members of a common ownership community may determine the community and its members are facing a financial hardship or that a determination of financial hardship may be extended; 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.