Modifies capital reserve funding requirements for planned real estate developments in New Jersey.
This bill modifies capital reserve funding requirements for planned real estate developments in New Jersey. It mandates that associations of planned real estate developments conduct a capital reserve study at least once every five years, reviewed by a licensed architect, engineer, or credentialed reserve specialist. The study must include a 30-year funding plan allowing the reserve fund to reach a lowest dollar balance of zero.
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- Core Provisions
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- Legal Framework
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