Other states (NRSS standard) HOA reserve study requirements (2026)
NRSS-standard 3-5 year cycle; driven by bylaws and lender requirements.
Quick facts
What the law actually requires
About 35 US states do not have a specific reserve study statute. In these jurisdictions, reserve study practice is driven by three forces: NRSS (the National Reserve Study Standards maintained by the Community Associations Institute), lender underwriting (FHA condo project approval, Fannie Mae / Freddie Mac project standards), and association bylaws (most modern condo bylaws specify a reserve study cycle).
The NRSS defines three study levels (Level I full with site visit, Level II update with site visit, Level III desktop update) and a recommended 3-5 year cycle for the highest level. Even in states without statutory mandate, NRSS-compliant studies are the de facto standard because they're what lenders, insurers, and litigators reference.
Boards in unregulated states should still target a Level I or II reserve study every 3-5 years — not because state law requires it, but because the absence of a current study creates fiduciary exposure, refinance friction, and underfunding risk that compounds over time. The cost of a reserve study is typically under 1% of an HOA's annual budget; the cost of the alternative (special assessments for unexpected repairs, lawsuit exposure, refinance lockout) is dramatically higher.
How Apex Reserve Studio handles Other states (NRSS standard)
Apex Reserve Studio's Generic NRSS compliance jurisdiction is the default for properties in states without specific statutes. It produces an NRSS-standard reserve study deliverable that lenders, insurers, and HOA attorneys recognize, with the percent-funded metric, 30-year projection, and three-tier funding plan (Recommended / Threshold / Baseline) all formatted to NRSS specs.
When a state-specific statute later applies (the property changes jurisdiction, the state adopts a new reserve study law), switching the compliance jurisdiction on the Property Info form re-routes the PDF builder to the state-specific format without re-doing the engine math.
Built-in Other states (NRSS standard) compliance.
Select NRSS — National Reserve Study Standards from the Compliance Jurisdiction dropdown and Apex's PDF builder produces the right disclosure format automatically. Engine math is identical across jurisdictions — only the deliverable changes.
Frequently asked questions — Other states (NRSS standard)
Do all states require HOAs to have a reserve study?
No. About 15 states have specific reserve study statutes (CA, FL, NV, HI, MA, CO, OR, WA, VA, IL, CT, DE, UT, MN, MD). The remaining ~35 states leave reserve practice to bylaws, lender requirements, and the NRSS industry standard.
What is NRSS?
The National Reserve Study Standards, maintained by the Community Associations Institute (CAI). NRSS defines three study levels (I, II, III), the percent-funded methodology, the 30-year projection horizon, and the funding plan formats most reserve study providers follow.
Do FHA / Fannie Mae / Freddie Mac require a reserve study?
Yes, indirectly. FHA condo project approval requires evidence of adequate reserves, which is typically demonstrated via a recent (within 5 years) reserve study. Fannie Mae and Freddie Mac have similar project standards. Without a current study, condos in unregulated states can still be locked out of these loan programs.
Should our HOA still get a reserve study if our state doesn't require one?
Yes. The absence of state law doesn't eliminate fiduciary duty, lender requirements, or the underlying need to fund future repairs. Boards in unregulated states should target NRSS-compliant Level I studies every 3-5 years.