- Funds that are set aside or reserved by a home owner's association or condo board for major repairs and improvements to common areas.
homeowner's association reserve fund, condo board reserve fund
Related Terms and Acronyms
- Condominium Fees — Definition,
- Monthly maintenance fees paid for by condo owners. It is used to cover the cost of repairs, landscaping and building amenities.
- Maintenance Fee — Definition,
- A periodic assessment that residents pay to their homeowners or condominium association to pay for maintenance and repair of common areas.
- Replacement Reserve Fund — Definition,
- Money that is set aside by a homeowners association or condominium board to replace common property, such as playground equipment.