relative to special assessments for capital improvements in condominiums.

This bill proposes changes to the Condominium Act in New Hampshire to regulate how special assessments for capital improvements are handled. It requires condominium management contracts and budgets to explicitly state whether funds are set aside for major maintenance or capital projects. Under the proposed rules, a condominium association cannot impose special assessments for capital improvements that exceed 5% of the budgeted gross expenses without first obtaining approval from the unit owners. The legislation aims to increase transparency and ensure that significant financial burdens on residents are collectively authorized before being levied.