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

SB 63 requires cooperative housing corporations, condominiums, and homeowners associations to include specific reserve funds in annual budgets and deposit them by certain dates each year. It mandates initial reserve studies for new properties (based on county and establishment date) and updated studies every 5 years, with annual reviews for accuracy. The bill also requires governing bodies to prepare detailed funding plans aligned with reserve study recommendations. These changes directly affect property management entities across Maryland, ensuring long-term maintenance funding for common elements like roofs, elevators, and plumbing systems. The policy focuses on concrete financial planning requirements, not outcomes or advocacy.