S 3406
Permits association of planned real estate development to file application with Department of Community Affairs to lower reserve fund obligations based on risk-mitigating features of development.
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Sign in to take action- Introduced
- Passed Senate
- Passed General Assembly
- To Governor
- Became Law
Bill overview
This bill allows associations of planned real estate developments in New Jersey to apply to the Department of Community Affairs to lower their reserve fund obligations. This reduction would be based on the inclusion of risk-mitigating features within the development, such as the absence of high-rise buildings. The bill amends existing law to establish a process for these applications and requires the Department of Community Affairs to create regulations outlining what constitutes a risk-mitigating feature. It also addresses how associations established after a certain date must fund their reserve funds.
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Primary sponsor
Anthony Bucco
Cosponsor
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