Cooperative Housing Corporations and Condominiums - Funding of Reserve Accounts and Timing of Reserve Studies

SB 787 modifies Maryland's requirements for reserve studies in cooperative housing corporations and condominiums. It limits these studies to components with repair/replacement costs exceeding $10,000, extends the timeline for updating reserve studies from every 5 to every 10 years, and sets specific deadlines based on when the housing was established and its location (e.g., Prince George’s County established before 2020). The bill applies only to co-ops with 4+ stories or 4+ single-family units, and requires reserve studies to be prepared by qualified professionals with at least 30 prior studies. These changes aim to reduce administrative burdens while ensuring long-term financial planning for major repairs.