Modifies capital reserve funding requirement for associations of planned real estate developments.

This bill modifies the capital reserve funding requirement for associations of planned real estate developments. It allows associations to adopt a 35-year funding plan instead of the currently required 30-year plan. Associations must undertake a reserve study within one year of the effective date of P.L.2023, c.214. The bill permits associations to fund their capital reserve fund in an amount equal to 85 percent of one of the capital reserve funding plans for up to five fiscal years.

Modifies capital reserve funding requirement for associations of planned real estate developments.

This bill modifies the capital reserve funding requirement for associations of planned real estate developments. It allows associations to adopt a 35-year funding plan instead of the currently required 30-year plan. Associations must undertake a reserve study within one year of the effective date of P.L.2023, c.214. The bill permits associations to fund their capital reserve fund in an amount equal to 85 percent of one of the capital reserve funding plans for up to five fiscal years.