CAI needs your help urging Illinois legislators to support HB 2563/ SB 1703, which would require certain common interest associations in Illinois to conduct and update a reserve study every 5 years. Reserve studies are an important planning tool to assist with budgeting for replacement or substantial repairs based on life cycle

HB 2563/SB 1703 ensures communities are safe and assists in the planning of the financial future of an association. CAI supports mandated reserve studies for new community developments and periodic reserve studies for communities with major shared components. 

This critical legislation would help ensure that your community association board and others across the state understand their communities' financial and physical state and be preparing for the future. A reserve study includes a physical review, a review of the community's financials, and a recommendation for funding future capital projects. Reserves allow associations to plan for long-term maintenance and expensive repairs necessary to keep its residents and infrastructure safe. 

Please take a minute to urge your legislators to support this common-sense legislation.