A significant deadline is rapidly approaching: the 3/15/2012 date when the higher 2010 ADA standards apply to all new and altered recreational facilities.
California Civil Code 5550 requires a Reserve Study based on a “diligent visual site inspection” at least every third year, but requires the Board review that Reserve Study annually and “consider and implement necessary adjustments”. That’s called an annual Reserve Study update.
Homeowners and Association Managers need to be aware that the City of Los Angeles has passed Ordinances 183893 and 184081, city laws that require the earthquake retrofitting of buildings that fall below current safety standards.
FHA approval is a status condo associations can attain, allowing unit owners/buyers to receive FHA insurance on their loans which make those loan more attractive to lenders.
The primary responsibility of the Board of Directors is to maintain, protect, and enhance the assets of the association. Typically, the most significant assets and related expenses of an association are those identified within a Reserve Study. To be an effective planning, communication and disclosure document,
A typical condominium Reserve Study has 30 to 50 components that meet the criteria for reserve funding according to National Reserve Study Standards, with their associated expenses occurring at varying intervals throughout the 30-year study period.