Maryland HB1615 allows emergency use of reserve funds in cooperative housing corporations and condominiums for purposes not specified in the funding.
Maryland HB1615 amends the law to allow reserve funds in cooperative housing corporations and condominiums to be used for emergencies, provided the funds are repaid within a specified period and approved by a two-thirds vote of the governing body. The bill also mandates that funding plans prioritize repairs and replacements necessary for health, safety, and structural integrity.
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- Impact
- Legal Framework
- Critical Issues
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