Cooperative Housing Corporations and Condominiums - Funding of Reserve Accounts and Timing of Reserve Studies

Establishing that a reserve study conducted for a cooperative housing corporation or condominium must identify only certain components with a repair or replacement cost that exceeds $10,000; establishing an exception to the requirement to conduct a reserve study for certain cooperative housing corporations and condominiums; altering the timing for an updated reserve study from at least 5 to at least 10 years under certain circumstances; etc.