Bill > S0724

This bill introduces new regulations for condominium associations in Rhode Island, specifically focusing on associations with deed-restricted units (low- and moderate-income housing units). The bill restricts increases in monthly common expenses to no more than 5% of the previous year's expenses in associations where less than 50% of units are deed-restricted. Additionally, it limits special assessments for unforeseen costs for deed-restricted units to 50% of the full assessment, with an option for owners to pay through a monthly payment plan. The bill also requires all condominium associations to register with the Department of Housing by December 31, 2026, and submit detailed financial and operational documents, including annual budgets, board information, and governing documents. Furthermore, it expands the Department of Housing's powers to include coordinating a central information repository for condominium associations and investigating related complaints. The new regulations aim to provide more transparency and financial protection for owners of deed-restricted units in condominium associations, with the provisions set to take effect on July 1, 2026.

Housing and Urban Affairs

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