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 Senate
- Passed General Assembly
- To Governor
- Became Law
Overview
This bill modifies the way associations of planned real estate developments must fund their capital reserves. It allows associations to choose a 35-year funding plan instead of the current 30-year plan and enables them to undertake a new study to implement this longer plan. The bill also outlines specific requirements for capital reserve studies, including the use of standardized guidelines and periodic reviews by licensed professionals. Finally, it directs the Department of Community Affairs to provide updated guidance to associations on complying with these requirements.
Bill text
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Document of record
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Sponsors
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1 on record
Primary sponsor
Vincent Polistina
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