SmartProperty® helps Virginia HOAs and condominiums stay on the five-year study cycle and meet the budget disclosures that come with it. Since July 1, 2024, boards also have the authority to act on what the study finds.
The Property Owners’ Association Act and the Virginia Condominium Act both treat reserve funding as a requirement, and HB 1209 widened what boards can do about a shortfall.
The association or aggrieved owners can sue over a missed five-year study or annual review, and the prevailing party recovers attorney fees. A deliberate failure to act on disclosed underfunding can raise a willful misconduct claim.
Virginia doesn’t explicitly require an onsite inspection or a licensed preparer, but a desktop-only update is a risky way to document physical status. An independent specialist with a site visit is the defensible choice.
Fannie Mae and Freddie Mac require adequate reserves. Their minimum rises from 10% to 15% of assessment income for loan applications 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: Richmond skyline: Bdl2001, CC BY 4.0. Virginia law summary is not legal advice. Confirm your association’s obligations with Virginia counsel.