Cooperative Housing Corporations, Condominiums, and Homeowners Associations - Funding of Reserve Accounts and Preparation of Funding Plans

HB 292 requires cooperative housing corporations, condominiums, and homeowners associations in Maryland to include specific reserve funds in their annual budgets and deposit those funds by certain deadlines each year. The bill mandates that governing bodies conduct initial reserve studies within specified timeframes (depending on the entity's establishment date and county) and update these studies every five years, including annual reviews for accuracy. It also requires entities to prepare detailed funding plans aligned with reserve study findings, ensuring funds are set aside for future major repairs and replacements of common property components. This affects all qualifying housing associations across Maryland counties, with implementation timelines staggered based on when the entity was established in Prince George’s, Montgomery, or other counties. The law aims to improve financial planning for long-term maintenance without changing membership rights or fees.