Question:
Do Montana laws require an HOA to set aside some percentage of fees for long term capital expenses such as new roofs?
– Jan
Answer:
Hi Jan,
There is no statutory requirement in Minnesota to maintain a reserve fund for HOAs. That being said, you should check your association’s governing documents to see if they require the HOA to maintain a reserve fund. If there is none, consider amending your governing documents to include such a requirement. Reserve funds play a critical role in the future financial health and stability of HOAs.
Disclaimer: We are not lawyers. The information provided on this website does not constitute legal advice.
