PART #1 Requires condominiums and cooperative buildings that have a” Primary Load Bearing System” (see cover photo from Kipcon Engineering) to be inspected by a structural engineer inspector at various intervals depending on the building's age and or the overall structural condition. The enforcement of this portion of the legislation will rest on the municipality's Building | Construction Office.
PART #2 HOAs are mandated to budget and maintain reserve funds that fully correlate to the costs identified in a current Reserve Study to maintain all common elements. The annual budget and financials will demonstrate that reserve funds are being maintained to pass the annual financial audits. A Professional Engineer or Reserve Specialist® can conduct Reserve Studies.
For more details, click here: https://www.youtube.com/watch?v=PSg8SXrAt2A
