SmartProperty® helps Maine HOAs and condominiums plan and fund their reserves. State law doesn’t require a study or a minimum balance, so the board’s duty of care is the standard. A reserve study is how you show you met it.
The Maine Condominium Act authorizes reserve budgets and asks only that the developer disclose the starting reserve. After that, the decision sits with the board.
If a roof or road fails and a large special assessment follows because the board never planned, owners can claim negligence and breach of fiduciary duty. A study is the board’s proof of an informed decision.
For loan applications dated on or after August 3, 2026, most condo loans get a full review of the budget and reserves instead of the streamlined Limited Review. A current study is the clearest answer to it.
An association with no study and weak reserves can land on a lender’s ineligible list, which can limit buyers to cash. Fannie Mae’s 15% reserve minimum applies to condo loans dated on or after January 4, 2027.
A site-inspected study to start, then updates as costs and conditions change, so the board always has a current plan.
The Living Reserve Study® updates as projects are completed and costs change, so your plan is ready for the next update or budget.
Model higher contributions, special assessments, loans or lines of credit side by side before you take a recommendation to owners.
Atlas shows the cost data and useful-life assumptions behind every figure, so boards can answer owner questions with confidence.
See how the Living Reserve Study® works for your community, or tell us about your association and we’ll put together a proposal.
Photo via Wikimedia Commons: Maine coast: Bud, CC BY 2.0. Maine law summary is not legal advice. Confirm your association’s obligations with Maine counsel.