Modifies requirements for associations to protect structural integrity of certain buildings; expands timeframes for associations to establish adequate reserves.
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Progress
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- Introduced
- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill modifies requirements for associations managing residential buildings to protect structural integrity and expands the timeframes for establishing adequate reserve funds. It clarifies definitions related to ‘balconies,’ ‘covered buildings,’ and ‘primary load bearing systems.’ Specifically, it extends the period associations have to build up sufficient reserves and limits the application of certain provisions to residential buildings three stories or higher. The bill aims to balance structural safety with the financial realities of condominium and cooperative associations.
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