Howard County - Common Ownership Communities - Funding of Reserve Accounts and Preparation of Funding Plans Ho. Co. 4-25

SB 777 requires Howard County cooperative housing corporations, residential condominiums, and homeowners associations to include specific reserve funds in their annual budgets and deposit them by a set deadline each year. It mandates these communities obtain an independent reserve study within 30 days before certain member meetings and update the study every five years, with annual reviews for accuracy. The bill also requires governing bodies to prepare a funding plan to achieve recommended reserve levels within a defined timeframe. These provisions aim to ensure communities have adequate funds for future repairs of shared property components like roofs, elevators, and plumbing. The law amends existing Maryland statutes to implement these requirements specifically for Howard County communities.