Maryland House Bill 107
Timeframe:
- Communities that have had reserve studies completed on or after October 1, 2018, must have that reserve study updated within five years from the date of that study, and every five years thereafter.
- Communities that have not had a reserve study on or after October 1, 2018, must undertake one no later than October 1, 2023, and that study must also be updated every five years thereafter.
Affected:
- Cooperative Housing Corporation
- Residential Condominiums
- HOA’s that have responsibility under their declarations for maintaining and repairing common areas for which initial purchase and installation costs for all components identified under existing statutory provisions total at least $10,000.
Not Affected:
- Commercial Condominiums
- An HOA that has responsibility under its declaration for maintaining and repairing common areas for which initial purchase and installation costs for all components identified under existing statutory provisions total under $10,000.
Who Prepares a Study?
Individuals who:
- have prepared at least 30 reserve studies for the applicable type of community within the prior three calendar years.
- hold a bachelor’s degree in construction management, architecture, or engineering, or have equivalent experience and education.
- hold a current license from the State Board of Architects or the State Board for Professional Engineers.
- are currently designated as a Professional Reserve Analyst (PRA) by the Association of Professional Reserve Analysts or a Reserve Specialist (RS) by the Community Association Institute.