This By-Laws document for a condominium association contains information concerning: restrictions, the board of directors, and the advisary committee.
Condo Bylaws Association With No Reserves In Kings
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State:
Multi-State
County:
Kings
Control #:
US-00452
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FAQ
Having well-funded reserves is not only smart planning, but it's also now a legal requirement in Florida. As your community prepares for the future, inium Associates is here to ensure your reserves are compliant and your finances are in order.
Homeowners' associations in Florida can legally enforce the rules and regulations established in their governing documents, which can cover a wide range of issues such as the maintenance and upkeep of parcels, architectural guidelines, the standards for landscaping, pet policies, and more.
Answer: As of 2024, Florida law requires all condos over three stories to conduct mandatory building inspections and a Structural Integrity Reserve Study (SIRS) every 10 years. Additionally, associations can no longer waive or reduce reserve funds, ensuring they are fully funded to cover future repairs.
The Florida Homeowners' Association Act also provides guidelines for establishing a reserve fund but doing so is not mandatory. If your HOA has one, the reserve budget acts as a savings account for large projects that don't happen annually. Major repairs and projects are funded through this fund.
The legislation requires condo associations to maintain reserve funds specifically allocated for structural repairs and maintenance. These funds must be determined based on reserve studies conducted every ten years, as outlined in SB-4D.
Annual general meeting (AGM) The first AGM must be held within 12 months of the condo plan registration. A condo corporation is then required to hold an AGM every year, within 15 months of the previous AGM.
Mandatory Reserve Studies The Florida Condo Law Bombshell 2025 mandates that associations perform a reserve study every 10 years for repair costs meeting or exceeding $10,000. These studies must be mailed to condo owners, who will then contribute to the reserve through an association-approved payment plan.
What is a inium Property Regime “CPR”? A CPR is a legal mechanism (Hawaii Revised Statutes SMB) for dividing a single property into 2 or more separate UNITS OF OWNERSHIP, typically with attached “appurtenant” exclusive-use LIMITED COMMON ELEMENTS (yard areas).
Hawaii's inium associations must comply with specific laws governing reserve studies and funding. These requirements, outlined in Section 514B-148 of the Hawaii Revised Statutes, ensure that associations maintain sufficient reserves to cover major maintenance and capital expenditures.
The Federal Housing Administration (FHA) has weighed in by requiring approved inium projects to have at least 10% of the annual operating budget set aside for reserves. However, that percentage is arbitrary and is usually never enough for an association that has to paint and replace roofs.