In 2025, Illinois introduced House Bill 2563, which proposes mandatory reserve studies for Illinois condo associations and HOAs. If passed, this Illinois reserve study law would require a professional reserve analysis every five years for associations with shared infrastructure exceeding $10,000 in replacement costs. Exemptions may apply for communities with 15 or fewer units. The law aims to bring Illinois in line with other states prioritizing financial preparedness and long-term capital budgeting in common interest developments. As of mid-2025, the bill remains under legislative review but has gained support from industry professionals focused on condo reserve fund compliance.
Source: Community Associations Institute Summary of State Reserve Fund Laws
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