All condominiums and cooperatives require an independent reserve study. HOA's whose common components have a combined purchase and installation cost of at least $10,000 also require an independent reserve study.
The reserve study must be updated every 5 years
Deadlines to comply with reserve study requirements are dependent on your community's location. Prince George's County associations should be in compliance effective 10/1/2021. Montgomery County associations are required to comply by 10/1/2022 and all other associations have until 10/1/2023 to comply with the legislation.
If the most recent reserve study is your initial study, you have 3 fiscal years following the year in which the study was complete to attain annual funding level set forth in the study
