New York A08945 mandates condominium and cooperative housing associations to conduct capital reserve studies, ensuring adequate funds for repairs and.

New York A08945 requires condominium and cooperative housing associations to complete capital reserve studies, including a thirty-year funding plan, to ensure they have sufficient reserve funds for repairs and replacements. The studies must be conducted by a reserve specialist, engineer, or architect and include details such as reserve fund balances, anticipated income and expenses, and a physical status analysis of common areas. The studies must be reviewed annually by the board of managers and property management company and filed with the state comptroller.

New York A08945 mandates condominium and cooperative housing associations to conduct capital reserve studies, ensuring adequate funds for repairs and.

New York A08945 requires condominium and cooperative housing associations to complete capital reserve studies, including a thirty-year funding plan, to ensure they have sufficient reserve funds for repairs and replacements. The studies must be conducted by a reserve specialist, engineer, or architect and include details such as reserve fund balances, anticipated income and expenses, and a physical status analysis of common areas. The studies must be reviewed annually by the board of managers and property management company and filed with the state comptroller.