Modifies requirements for associations to protect structural integrity of certain buildings; expands timeframes for associations to establish.

This bill amends a recent enactment, P.L.2023, c.214, which imposed various requirements upon associations responsible for the management and maintenance of the common elements and facilities of residential buildings within planned real estate developments. The bill limits applicability of the capital reserve study and funding requirements of P.L.2023, c.214, to residential condominium and cooperative buildings that are three stories or more.

Modifies requirements for associations to protect structural integrity of certain buildings; expands timeframes for associations to establish.

This bill amends a recent enactment, P.L.2023, c.214, which imposed various requirements upon associations responsible for the management and maintenance of the common elements and facilities of residential buildings within planned real estate developments. The bill limits applicability of the capital reserve study and funding requirements of P.L.2023, c.214, to residential condominium and cooperative buildings that are three stories or more.