Minnesota HF4220 modifies reserve requirements for common interest communities to ensure adequate funds for replacement of components.

Minnesota HF4220 amends the Minnesota Common Interest Ownership Act to modify reserve requirements for common interest communities. The bill specifies that annual budgets must ensure adequate funds for replacing components based on their estimated remaining useful life, including sustainable energy alternatives. It also allows for credits to unit owners or reserves. The changes apply to fiscal years commencing before January 1, 2012.

Minnesota HF4220 modifies reserve requirements for common interest communities to ensure adequate funds for replacement of components.

Minnesota HF4220 amends the Minnesota Common Interest Ownership Act to modify reserve requirements for common interest communities. The bill specifies that annual budgets must ensure adequate funds for replacing components based on their estimated remaining useful life, including sustainable energy alternatives. It also allows for credits to unit owners or reserves. The changes apply to fiscal years commencing before January 1, 2012.