Modifies capital reserve funding requirement for associations of planned real estate developments.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill modifies the capital reserve funding requirements for associations of planned real estate developments in New Jersey. It allows associations to adopt a 35-year funding plan instead of the current 30-year plan and enables them to undertake a new study to implement this longer-term plan. The bill also clarifies how associations can fund their reserves, including the option to fund at 85% of a recommended plan, with specific notification requirements. Finally, it directs the Department of Community Affairs to provide updated guidance on compliance.
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