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.

Statutes affected:
House: Prefiled and ordered printed; offered 01/10/24 24105157D: 55.1-1800, 55.1-1825, 55.1-1826, 55.1-1900, 55.1-1964, 55.1-1965
House: Printed as engrossed 24105157D-E: 55.1-1800, 55.1-1825, 55.1-1826, 55.1-1900, 55.1-1964, 55.1-1965
House: Bill text as passed House and Senate (HB1209ER): 55.1-1800, 55.1-1825, 55.1-1826, 55.1-1900, 55.1-1964, 55.1-1965
Governor: Acts of Assembly Chapter text (CHAP0324): 55.1-1800, 55.1-1825, 55.1-1826, 55.1-1900, 55.1-1964, 55.1-1965