Partially — Massachusetts does not require reserve studies, but it does mandate reserve funding for condominiums. G.L. c. 183A, § 10(i) provides that 'all condominiums shall be required to maintain an adequate replacement reserve fund, collected as part of the common expenses' and held in accounts segregated from operating funds, though the statute never defines 'adequate' and sets no study cycle. After developer turnover, unit owners may modify the requirement by an annual vote of 67% of beneficial interest under § 10(m).
Verified against the statute 2026-07-06
Condominiums organized under G.L. c. 183A only. Massachusetts has no statute imposing reserve-study or reserve-funding requirements on non-condominium HOAs or homeowner trusts.
No statutory cycle — reserve studies are not mandated; because 'adequate' is undefined, a professional reserve study is the customary way boards substantiate that their fund satisfies § 10(i).
Section 10(i) mandates an 'adequate' replacement reserve fund collected with common expenses and kept in segregated accounts, but sets no dollar amount, percentage, or formula. After declarant control is transferred to the owners, the requirement may be modified by an annual vote of 67% or more in beneficial interest of the unit owners (§ 10(m)), and any such modification can be rescinded at any time by a majority vote.
Unit owners have a statutory right to inspect the association's financial records, expressly including records and bank statements for the replacement reserve fund (G.L. c. 183A, § 10); managing agents must render written reports to the board at least monthly (owners may reduce the frequency under § 10(m), but never to less than quarterly) detailing receipts, expenditures, balances, and bank statements and reconciliations for the replacement reserve fund, and must keep reserve funds in separate, non-commingled accounts. The resale '6(d) certificate' under c. 183A, § 6(d) addresses unpaid common expenses rather than reserve adequacy.
'All condominiums shall be required to maintain an adequate replacement reserve fund, collected as part of the common expenses and deposited in an account or accounts separate and segregated from operating funds.' Section 10 also requires two-signature controls on reserve accounts, protects reserve funds from creditors, and lets owners modify the requirement post-turnover by a 67% beneficial-interest vote under § 10(m).
Re-verified July 2026: opened G.L. c. 183A, § 10 on malegislature.gov and confirmed verbatim the § 10(i) 'adequate replacement reserve fund' mandate, segregated-account and reserve-record provisions, dual-signature controls, and the § 10(m) 67% beneficial-interest modification vote with majority-vote rescission; corrected the managing-agent reporting description to the statutory default of at least monthly reports (reducible under § 10(m) but never less than quarterly) covering replacement-reserve balances, bank statements, and reconciliations. Informational only — not legal advice. Confirm with the primary source and a community-association attorney licensed in Massachusetts. Report an issue.
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