Cooperative Housing Corporations and Condominiums - Emergency Use of Reserve Funds

HB 1615 amends Maryland law to allow cooperative housing corporations and condominiums to use reserve funds for emergency purposes beyond their original funding plans, under specific conditions. It requires that any emergency use of reserves must be repaid within five years and approved by at least two-thirds of members (for co-ops) or unit owners (for condos). The bill also mandates that governing bodies develop funding plans prioritizing health, safety, and structural repairs - such as roofing, plumbing, and electrical systems - and review progress annually. This change affects all Maryland co-ops and condominiums with reserve funds, streamlining emergency financial access while maintaining accountability. The bill amends Sections 5-6B-26.1(g) of the Corporations and Associations article and Section 11-109.4(f) of the Real Property article in the Annotated Code of Maryland.