AN ACT relating to property owner associations.

Amend KRS 381.794 to exempt planned communities with 14 or fewer units from financial reporting and document retention requirements; amend KRS 381.9197 to exempt condominiums with 14 or fewer units from financial reporting and document retention requirements.

Audits and Auditors Housing, Building, and Construction Land Use Property

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This bill would free small planned communities and condominium associations with 14 or fewer units from certain financial reporting and record-keeping rules that currently apply to all such associations. Larger associations would still be required to follow those requirements. The change is intended to reduce administrative burdens on very small housing communities. Who it may affect: homeowners and residents in small planned communities or condo buildings with 14 or fewer units, as well as the volunteer boards that manage them.

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