Modifies requirements for associations to protect structural integrity of certain buildings; expands timeframes for associations to establish adequate reserves.

This bill modifies requirements for condominium and cooperative associations managing 3-story or taller residential buildings to protect structural integrity. It expands timeframes for associations to build adequate reserve funds: for large annual fee increases (over 10%), the period extends from 10 to 20 years, and for smaller increases, from 2 to 4 years. The bill clarifies that these rules apply only to covered buildings (3+ story condo/co-ops) and exclude single-family homes, non-condo buildings, and certain structural types. Associations must conduct reserve studies every five years to assess funding needs for structural repairs of primary load-bearing systems.