Common interest developments: imposition of assessments.

Existing law, the Davis-Stirling Common Interest Development Act, defines and regulates common interest developments, including the establishment and imposition of assessments. Existing law limits increases in regular assessments and the aggregate of special assessments that the board may impose in any fiscal year without the approval of a majority of a quorum of members, as specified. This bill would, with certain exceptions, prohibit an association that records its original declaration on or after January 1, 2025, from imposing an increase of a regular assessment on the owner of a deed-restricted affordable housing unit that is more than 5% plus the percentage change in the cost of living, not to exceed 10% greater than the preceding regular assessment for the association's preceding fiscal year.