Cooperative Housing Corporations, Condominiums, and Homeowners Associations – Funding of Reserve Accounts and Preparation of Funding Plans
Requiring that certain funds for certain reserve accounts be deposited on or before the last day of each fiscal year; requiring that certain updated reserve studies be prepared by a certain person; requiring the governing body of a cooperative housing corporation, a residential condominium, or a homeowners association to prepare a certain funding plan subject to certain requirements; authorizing a reasonable deviation from certain reserve funding requirements following a certain financial hardship determination; etc.
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