Common Ownership Communities - Time to Attain Reserve Funding Level - Extension

HB 1215 extends the deadline for homeowners associations, condominiums, and cooperative housing corporations to reach recommended reserve funding levels after an initial reserve study. Currently, these groups must meet the funding target within 3 fiscal years of completing the study, but the bill would extend this period to 5 fiscal years. The change applies only to the initial reserve study requirement, not to ongoing annual reviews or funding levels. This affects all Maryland community associations that have completed an initial reserve study and must adjust their funding plans accordingly.