AN ACT RELATING TO PROPERTY -- CONDOMINIUM LAW

HB 5824 requires condominium associations managing properties with structural common elements (like roofs or elevators) costing at least $20,000 to replace to obtain and follow certified reserve studies. These studies, prepared by licensed Rhode Island architects or engineers, must list specific elements needing future repair/replacement, estimate costs, and break down monthly unit fees. Associations must maintain a separate reserve fund (not the operating fund) fully funded (100%) by July 2027 for these identified expenses, and cannot use reserve funds for other purposes. This directly affects all qualifying condo associations in Rhode Island, ensuring long-term financial planning for major repairs.