HB 1209

Abstract

Common interest communities; reserve studies; special assessment rescission or reduction. Removes certain provisions of the Property Owners' Association Act and the Virginia Condominium Act that authorize associations governed by such Acts to rescind or reduce certain assessments necessary for the maintenance and upkeep of the common area or other association responsibilities, including maintenance, repair, and replacement of capital components. The bill also authorizes such associations to borrow money for certain purposes and assign all revenues to be received by such association to its creditors. Finally, the bill defines the term "reserve study" as a capital budget planning tool used to determine the physical status and estimated repair or replacement cost of capital components and an analysis of association funding capacity to maintain, repair, and replace capital components.

Common interest communities; reserve studies; special assessment rescission or reduction. Removes certain provisions of the Property Owners' Association Act and the Virginia Condominium Act that authorize associations governed by such Acts to rescind or reduce certain assessments necessary for the maintenance and upkeep of the common area or other association responsibilities, including maintenance, repair, and replacement of capital components. The bill also authorizes such associations to borrow money for certain purposes and assign all revenues to be received by such association to its creditors. Finally, the bill defines the term "reserve study" as a capital budget planning tool used to determine the physical status and estimated repair or replacement cost of capital components and an analysis of association funding capacity to maintain, repair, and replace capital components.

Common interest communities; reserve studies;special assessment rescission or reduction. Removes certain provisionsof the Property Owners' Association Act and the Virginia Condominium Act that authorize associations governed by such Acts to rescindor reduce certain assessments necessary for the maintenance and upkeepof the common area or other association responsibilities, includingmaintenance, repair, and replacement capital components. The billalso authorizes such associations to borrow money for any valid purposeand assign all revenues to be received by such association to itscreditors. Finally, the bill defines the term "reserve study" asa capital budget planning tool used to determine the physical statusand estimated repair or replacement cost of capital components andan analysis of association funding capacity to maintain, repair, and replace capital components.