MD HB1215

Extends the deadline for cooperative housing corporations, condominiums, and homeowners associations to attain recommended reserve funding levels from 3 fiscal years to 5 fiscal years following completion of an initial reserve study

Applies to governing bodies required to fund reserves in accordance with reserve studies that assess funding needs for maintenance and repairs of common elements

Maintains existing authority for governing bodies to increase assessments to cover reserve funding requirements, even when bylaws or other governing documents restrict assessment increases

Effective date: October 1, 2025