No — Vermont has no statute requiring HOAs or condominium associations to obtain reserve studies or maintain any minimum reserve funding. The Vermont Common Interest Ownership Act (Title 27A V.S.A.) requires associations to adopt budgets that address reserves (27A V.S.A. § 3-102(a)(2)) and requires reserve disclosures in public offering statements (§ 4-103) and resale certificates (§ 4-109), but it sets no study cycle and no funding level.
Verified against the statute 2026-07-06
Title 27A covers condominiums, cooperatives, and planned communities (HOAs) created on or after January 1, 1999. Under § 1-204, the budget/reserve power and the resale-certificate reserve disclosure also apply to communities created before that date.
No statutory cycle — reserve studies are not required.
No minimum funding requirement. Associations must adopt annual budgets (subject to owner ratification under § 3-123) and those budgets may include reserves, but 27A V.S.A. never mandates a reserve line, a contribution level, or a target balance.
Declarant public offering statements must state the amount budgeted as a reserve for repairs and replacement — or that there is none — plus any other reserves (§ 4-103). On resale, the association's certificate must disclose the amount of any capital-expenditure reserves and any project-designated portions (§ 4-109).
The association "shall adopt and may amend budgets for revenues, expenditures, and reserves under section 3-123 of this title" — budget adoption is mandatory, but no reserve amount or study is required.
The budget in a declarant's public offering statement must include "a statement of the amount, or a statement that there is no amount, included in the budget as a reserve for repairs and replacement" and a statement of any other reserves.
The resale certificate must state "the amount of any reserves for capital expenditures and of any portions of those reserves designated by the association for any specified projects."
Extends § 3-102(a)(1)-(6) (including the budget/reserve power) and § 4-109 (resale certificate) to common interest communities created before January 1, 1999, for events occurring after December 31, 1998.
Adversarially re-verified July 2026: retrieved 27A V.S.A. §§ 3-102, 4-103, 4-109, and 1-204 directly from legislature.vermont.gov and confirmed verbatim the "shall adopt and may amend budgets for revenues, expenditures, and reserves" language, the offering-statement and resale reserve disclosures, and the § 1-204 pre-1999 extension (events after December 31, 1998). Informational only — not legal advice. Confirm with the primary source and a community-association attorney licensed in Vermont. Report an issue.
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