A reserve study is a careful analysis of the future repair and replacement needs of a homeowner association based on the condition of the elements of the property it maintains, a projection of the remaining useful life of these elements and future cost to repair or replace them, and the amount of money the association has in its reserve fund. A reserve funding plan is a plan for collecting funds from the owners through regular and/or special assessments to fund the reserve needs of the association. Both Washington and Oregon require each HOA to undertake a new reserve study at least once every three years, subject to some specific exceptions.

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