Cooperative Housing Corporations and Condominiums - Emergency Use of Reserve Funds

SB 576 allows cooperative housing corporations and condominiums in Maryland to use their reserve funds for emergency repairs beyond the original purpose, such as urgent structural or safety issues. It requires that any emergency funds be repaid within five years and approved by at least two-thirds of members or unit owners in good standing. The bill does not change existing reserve funding methods (like component or cash flow planning) but adds a clear emergency exception to the rules. This directly affects residents and boards of co-ops and condos by providing flexibility during crises while maintaining financial accountability.