Community associations should incorporate preventive maintenance and structural inspections into their reserve studies—the important budget planning tools that identify the components a community association is responsible for maintaining or replacing, indicate the status of the reserve fund, and provide a stable and equitable funding plan to offset anticipated future major common area expenditures. The recommendations are part of new Reserve Study Standards released by Community Associations Institute (CAI), the leading international authority on community association governance, management, and education.
Today marks the two-year anniversary of the partial collapse of the Champlain Towers South Condominium in Surfside, Fla. The tragedy took 98 lives. CAI honors those who lost their lives, the loved ones of the victims, and the survivors who lost their home and neighbors.
The partial collapse of Champlain Towers South condominium in Surfside, Fla., on June 24, 2021, killed 98 people and is considered one of the worst building disasters in U.S. history. The tragedy spurred CAI into action, galvanizing members and staff around condo safety. Over the past two years, CAI has educated community association residents, board members, managers, business partners, legislators, and regulators about structurally sound and fiscally responsible communities.
Constant improvements to common areas and appealing amenities allow Society Hill Towers, a 614-unit condominium complex in Philadelphia, to stay competitive in the city’s high-rise market.
In the months following the condominium collapse in Surfside, Fla., CAI convened community association leaders, experts, and key stakeholders to identify public policy recommendations for reserve studies and funding, building maintenance, and structural integrity.