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. The bill allows associations to adopt a 35-year funding plan instead of the previously required 30-year plan. It also permits associations to undertake and fund a new capital reserve study to adopt a 35-year funding plan. The bill specifies that the funding plan must allow the reserve fund to reach a lowest dollar balance of zero during the 35-year plan projection.
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