SB 4-D, which was amended by SB 154, includes significant obligations relating to building inspections and reserve funding and boards are required to comply with by the statutory deadlines. The new condominium and cooperative building safety laws are somewhat complicated, and need to be closely studied to ensure proper compliance.
 
 Topics Included:

• We had an engineering report performed in the last two years. Will this count as our milestone inspection?

• Can members still waive reserves for painting and paving?

• Can we no longer have pooled reserves?

• What if the reserve company we have doesn’t have an engineer or architect on staff?

• We have a monetary cap in our governing documents on how much we can increase our budget. What now?

• What if all these costs increase our assessments by more than 15% of the prior year’s assessments?

• What if our members simply cannot pay to fund these new reserves or the repairs outlined in the Milestone Inspection?

• What are the potential penalties under the law for being in breach of one’s fiduciary duties?