New Jersey S4508 modifies capital reserve funding requirements for planned real estate developments.
New Jersey S4508 modifies the capital reserve funding requirement for associations of planned real estate developments by allowing an association to adopt a 35-year funding plan instead of the previously exclusive 30-year funding plan. The bill specifies that an association may undertake and fund a subsequent capital reserve study, which is to include a proposed 35-year funding plan. The bill also permits an association to fund its capital reserve fund in accordance with the 35-year funding plan.
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