Relating To Condominium Associations.
The bill mandates that developers must include annual reserve contributions based on a sufficient reserve study. It requires regular updating of these reserve studies at least every three years by an independent professional, outlining the financial obligations an association must hold to maintain property. This change is expected to enhance financial planning and transparency in maintaining common property and amenities within condominium communities.
House Bill 2272, concerning condominium associations in Hawaii, aims to amend various provisions in the Hawaii Revised Statutes related to the governance and operation of condominium associations. A notable aspect of the bill is the clarification that unit owners may amend a condominium declaration at any time by a vote or written consent from at least sixty-seven percent of them, unless a higher percentage is specified in the declaration. This measure is designed to enhance the flexibility and responsiveness of condominium associations to the needs of unit owners.
The general sentiment surrounding HB 2272 is supportive among proponents who view it as progressive and necessary for protecting the rights of unit owners while also ensuring the financial health of condominium associations. However, concerns are raised about potential bureaucratic complexities introduced by the new voting and meeting requirements, particularly the incorporation of electronic voting, which some argue may not suit all associations or their members.
While HB 2272 is generally seen as a beneficial update to condominium governance, there are viewpoints arguing that it may centralize too much power with the board, especially concerning electronic voting provisions and the framework for proposing amendments or special meetings. The tension lies in balancing the autonomy of unit owners against the need for structured governance as laid out in the bill.