Establishes the Insufficient Condominium Reserve Account Grant Fund to provide grants to low-income unit owners to cover increased assessments.
The bill establishes the Insufficient Condominium Reserve Account Grant Fund as a special, nonlapsing fund to provide grants to low-income unit owners of condominiums with insufficient reserve accounts. The fund aims to enable these unit owners to pay increased assessments necessary for a condominium association to meet reserve account funding requirements. Interest earnings from the fund will be credited back to it. The fund prioritizes certain older adults.
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