Structural Integrity Reserve Study Requirements
Regarding the funding of reserves for the continued maintenance and repair of condominium and cooperative buildings, the bill:
Requires condominium associations and cooperative associations to complete a structural integrity reserve study every 10 years for each building in an association that is three stories or higher in height.
Requires associations existing on or before July 1, 2022, that are controlled by non-developer unit owners to have a structural integrity reserve study completed by December 31, 2024.
Defines “structural integrity reserve study” as a study of the reserve funds required for future major repairs and replacement of the common elements based on a visual inspection of the common elements.
Requires the study to include a visual inspection, state the estimated remaining useful life, and the estimated replacement cost of the roof, load bearing walls or other primary structural members, floor, foundation, fireproofing and fire protection systems, plumbing, and any item with a deferred maintenance or replacement cost that exceeds $10,000.
Requires the visual inspection to be performed by a person licensed as an engineer or an architect. However, any qualified person or entity may perform the other components of a structural integrity reserve study.
Requires a developer to have a structural integrity reserve study completed for each building in the association that is three stories or more in height before turning over control of an association to the non-developer unit owners.
Provides that it is a breach of a board member or officer’s fiduciary duty if an association fails to complete a structural integrity reserve study.
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