New Jersey S146 modifies requirements for associations to protect structural integrity of certain buildings and expands timeframes for establishing.
New Jersey S146 amends recent legislation to modify requirements for associations responsible for the management and maintenance of residential buildings within planned real estate developments. The bill limits the applicability of capital reserve study and funding requirements to residential condominium and cooperative buildings that are three stories or more in height. It mandates that associations undertake a capital reserve study to ensure adequate funds for repairing or replacing components of the primary load bearing system.
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- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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