New Jersey S3406 allows planned real estate developments to lower reserve fund obligations based on risk-mitigating features.

New Jersey S3406 amends existing law to allow associations of planned real estate developments to file an application with the Department of Community Affairs to reduce their reserve fund obligations. This reduction is based on risk-mitigating features of the development, such as the absence of high-rise, multifamily housing structures. The bill also directs the Commissioner of Community Affairs to create rules and regulations to guide the consideration of these risk-mitigating features.

New Jersey S3406 allows planned real estate developments to lower reserve fund obligations based on risk-mitigating features.

New Jersey S3406 amends existing law to allow associations of planned real estate developments to file an application with the Department of Community Affairs to reduce their reserve fund obligations. This reduction is based on risk-mitigating features of the development, such as the absence of high-rise, multifamily housing structures. The bill also directs the Commissioner of Community Affairs to create rules and regulations to guide the consideration of these risk-mitigating features.