SmartProperty® helps Ohio condominiums and HOAs plan and fund reserves under a law that asks for “adequate” reserves but doesn’t define the number. A study gives your board a defensible answer, whether or not owners vote on a waiver.
Condominiums and planned communities follow nearly parallel statutes. A study isn’t mandated, but without one the board has no basis for what “adequate” means.
If owners don’t reach a majority of total voting power, the board has to adopt adequate reserves right away. Without a study, it’s calculating that number from scratch.
A waived budget with little or no reserve contribution can make condo units ineligible for conventional financing. Fannie Mae’s 15% reserve minimum applies to loans dated on or after January 4, 2027, or the budget must fund a current study’s highest recommended contribution.
Our guide points to Ohio freeze-thaw cycles as rapidly degrading concrete and asphalt, and recommends a site visit at least every three years. Waiving the funding doesn’t waive the deterioration.
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: Cleveland skyline: Erik Drost, CC BY 2.0. Ohio law summary is not legal advice. Confirm your association’s obligations with Ohio counsel.