Modifies capital reserve funding requirement for associations of planned real estate developments.
The bill modifies the capital reserve funding requirement for associations of planned real estate developments. It allows associations to adopt a 35-year funding plan instead of the current 30-year plan. The bill specifies that associations may undertake a new capital reserve study to include a proposed 35-year funding plan and fund their capital reserve fund accordingly. The bill also permits associations to fund their capital reserve fund at 85 percent of one of the capital reserve funding plans for up to five fiscal years.
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- Core Provisions
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- Impact
- Legal Framework
- Critical Issues
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