AN ACT CONCERNING RESERVE FUNDS IN COMMON INTEREST COMMUNITIES.

SB 816 requires the executive board of condo and homeowners associations (common interest communities) to conduct an annual study of their reserve funds and make recommendations about how those funds should be allocated. This directly affects the boards managing these community associations, mandating a regular review process. The bill does not change reserve funding levels or requirements but adds a procedural step for boards to assess and advise on reserve fund usage. It is a procedural bill focused on improving transparency and planning for community financial reserves.