AB 2050: Common interest developments: reserve accounts.

<p>The bill amends California's Davis-Stirling Common Interest Development Act by requiring associations managing common interest developments to perform studies of their reserve account requirements starting January 1, 2032. These studies must include the minimum reserve contribution level needed to prevent the association’s reserve account balance from falling below zero over the next 30 years. The bill mandates that associations fund their reserve accounts annually at this minimum level. If funding the reserve account in full is not possible without exceeding assessment increase limitations, the bill allows for a special reserve assessment to be levied to meet the required contribution within nine fiscal years.</p>