The bill introduces an amendment to the "Condominium Law," specifically adding a definition for "deed-restricted unit" as a unit that qualifies as low- and moderate-income housing. This new definition is inserted into the existing list of definitions without any deletions from the current law. The amendment also includes detailed definitions for terms related to condominiums, such as "time share," "unit," and "unit owner," and sets forth provisions for the allocation of common element interest, votes, and common expense liabilities. It limits increases in monthly common expenses for associations with less than fifty percent deed-restricted units to five percent of the previous year's expenses and caps special assessments for deed-restricted units at fifty percent of the full assessment.

Additionally, the bill amends sections regarding the executive board of condominium associations, detailing the election of board members by unit owners after the period of declarant control, the roles and responsibilities of board members, and the process for removing board members. It also modifies property tax assessment laws, exempting certain residential property improvements from reassessment and addressing the assessment of deed-restricted units based on sales price or a calculated maximum sales price. The act is set to take effect upon passage, with the goal of providing clarity in condominium management and ensuring affordability within condominium communities.

Statutes affected:
2637: 34-36.1-1.03, 34-36.1-2.07, 34-36.1-3.03, 44-5-12