MD HB292

Requires cooperative housing corporations, condominiums, and homeowners associations to deposit reserve funds by the last day of each fiscal year and develop formal funding plans in consultation with qualified reserve study professionals

Extends the timeline from 3 to 5 fiscal years for governing bodies to attain recommended reserve funding levels after an initial reserve study is completed

Allows governing bodies to deviate from reserve funding requirements by two-thirds majority vote upon determining financial hardship, limited to 1 fiscal year at a time with required documentation of good faith efforts to resolve the hardship

Requires governing bodies to annually review reserves and the most recent reserve study to determine funding adequacy, and to review funding plan compliance progress at each annual meeting

Permits reserves to be used for purposes outside the funding plan if repaid to the reserve fund within 5 years, and requires funding plans to prioritize health, safety, structural integrity, and essential infrastructure