OFFICE OF FISCAL ANALYSIS
Legislative Office Building, Room 5200
Hartford, CT 06106 (860) 240-0200
http://www.cga.ct.gov/ofa
sSB-1013
AN ACT CONCERNING COMMON INTEREST OWNERSHIP
COMMUNITIES.
As Amended by Senate "A" (LCO 6600)
Senate Calendar No.: 202
Primary Analyst: MP 5/4/23
Contributing Analyst(s):
OFA Fiscal Note
State Impact:
Agency Affected Fund-Effect FY 24 $ FY 25 $
Department of Housing GF - Cost At least
50,000
None
Note: GF=General Fund
Municipal Impact: None
Explanation
The bill requires the Department of Housing (DOH) to prepare a
report for the Insurance and Real Estate Committee by February 1, 2024,
assessing the funding of reserves involving any common interest
community (e.g., condominium association). Due to a lack of staff
capacity at DOH, the bill is anticipated to result in a one-time cost in FY
24 of at least $50,000 for DOH to hire a consultant to prepare the
required report.
The cost for consultant services will vary based on: (1) the methods
used to identify and contact associations, (2) the number of associations
and communities included, and (3) the depth of analysis into each
association’s reserve funding adequacy. To the extent the consultant
conducts a thorough analysis of many systematically selected
communities, the cost could exceed $500,000 in FY 24; however, the bill
does not appear to require this. There are over 5,000 common interest 2023SB-01013-R01-FN.DOCX Page 2 of 2
communities in Connecticut.
1
Senate “A” strikes provisions changing the Common Interest
Ownership Act, which does not change the fiscal impact of the bill
because those provisions were not anticipated to result in a fiscal impact
to the state or municipalities.
The Out Years
There is no fiscal impact in the out years.
The preceding Fiscal Impact statement is prepared for the benefit of the members of the General Assembly, solely
for the purposes of information, summarization and explanation and does not represent the intent of the General
Assembly or either chamber thereof for any purpose. In general, fiscal impacts are based upon a variety of
informational sources, including the analyst’s professional knowledge. Whenever applicable, agency data is
consulted as part of the analysis, however final products do not necessarily reflect an assessment from any
specific department.
1
According to testimony from the Connecticut chapter of the Community Associations
Institute, February 16, 2023.