Common Ownership Communities - Reserve Studies - Annual Revisions

HB 1133 requires the governing bodies of Maryland's cooperative housing corporations, condominiums, and homeowners associations to annually revise their reserve studies by December 31 each year. This update must reflect any changes made to the community's common areas (like roofs, elevators, or pools) during that calendar year. The bill does not change initial study requirements but adds a mandatory annual review process to keep financial planning current. It directly affects all such communities statewide by ensuring their reserve funding plans adapt to yearly physical changes. The change applies to all existing reserve study requirements under Maryland law.