A 3504
Modifies capital reserve funding requirements for planned real estate developments in certain circumstances.
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- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill modifies the capital reserve funding requirements for planned real estate developments in New Jersey. It clarifies the definition of ‘adequate’ reserve funding, requiring a 30-year funding plan that allows the reserve fund to reach a zero balance. The bill also adjusts timelines for addressing reserve fund deficiencies and mandates a review of capital reserve studies by qualified professionals, requiring them to be conducted and reviewed at least every five years. Finally, it specifies that associations, not covered building owners, are responsible for ensuring adequate reserve funding.
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