Legal Question in Real Estate Law in Illinois

I am not familiar with the term you are using. You can check the statute directly:

Statute 765 ILCS 605/9

From your zip code it appears you are in Orland Park. Unless there is a local ordinance that requires this, no Illinois statutes do not. Reserve studies are permissive for condominium associations ("may" not "shall"), and the new common interest community laws for "true" townhome associations, add nothing. The main reason is that reserve studies can be expensive and smaller associations may not be able to afford a full reserve study. If you are a self-managed association, however, that can be a problem because there's no independent management company that is advising the board or prodding the owners into a routine repair and maintenance program to avoid catastrophic deferred maintenance issues, and self-managed boards can run the risk of failure to act as proper fiduciaries for the association. What I've recommended in the past is for the association to bid out to hire a professional engineer that is qualified as an "SE" (Structural Engineer) to provide something in the nature of what you might do when you're buying a home, like a "home inspection", because an SE has errors and omissions insurance but the contract has to be carefully reviewed for potential disclaimers of liability. An add-on that would come at extra cost is something called a "Cyclical Maintenance Plan" which reviews the plans and should include an on-side inspection and formulates it into a report, to give the Association an idea of what kind of repairs and maintenance programs should be implemented - annual work for example to inspect roofs and scrape/paint steel and ironwork and inspect and service HVAC equipment, 15-year roof replacement (if that's the kind of roof that the builder put on....), 25 years for tuckpointing with annual spot tuckpointing..... things like that. The plan doesn't establish a budget for reserves, it just tells you what you should do during the life of the building. But then the board turns it over to a competent management company (Illinois passed laws recently that require managers and management companies to be licensed to provide some kind of accountability for minimal certification levels....) that can implement it and help plan reserves. It's good to have an owners' meeting to discuss these things, but AND make sure the board has Directors & Officers Liability insurance..... If you are interested in having an attorney like me come out to discuss these things with ownership and the board, please let me know.