Housing: condominium; requirements for an association of co-owners to conduct a reserve study and establish a reserve funding plan; modify. Amends sec. 105 of 1978 PA 59 (MCL 559.205).

This bill requires condominium associations in Michigan to conduct regular reserve studies to plan for future repairs and replacements of common areas. It mandates that qualifying associations, which have an annual budget over $20,000 or more than 20 units, hire a qualified professional to perform these studies every five years and establish a corresponding funding plan. The bill also ensures that these studies and funding plans are available for owners to review and requires associations to notify residents annually about reserve fund balances and potential future special assessments.