November 2024

“If the funding increase requires a ten percent (10%) increase to meet funding requirements, the association has up to ten (10) years to meet the funding requirements.”

YEAR END COMPLIANCE... from page 24.

a structural engineer inspect and issue a report within 60 days. Although “observable damage” is not defined by statute, an example would include visible damage to a wall or interior podium support caused by a car crash or other significant impact event. As the legislation states, residential buildings with a load-bearing system of concrete, masonry, steel, or hybrid structure must perform a structural study. The struc tural study will include observations, immediate repairs, and recommendations. Boards should review the study, including repair recommendations, with their property manager to implement an action plan. Here is what can become confusing for board members. What is the over lap between the structural study and the second part of the law, the Reserve Study? A professional who performs the façade study will include photos, details, observations definitions, and immediate repairs and recommendations as mentioned.

Reserve Study If your last reserve study is dated before January 8, 2019, it must be updated by January 8, 2025. If your association does not have a reserve study, it must obtain one by January 8, 2025. Thereafter, the reserve study must be updated at least once every 5 years. If your last reserve study is dated after January 8, 2019, the deadline is the five-year anniversary of the last study’s date. Senate. No. 2760 is a capital study to determine the adequacy of funding based on the replacement cost of the capital assets of the community association. It applies not only to residential condominium associations but all planned communities, including office condominiums. It is important

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NOVEMBER 2024