This bill amends P.L.2023, c.214, which established requirements for associations managing residential buildings to ensure the structural integrity of their primary load-bearing systems. The bill clarifies that these requirements apply specifically to residential condominium and cooperative buildings that are three stories or more in height, thereby excluding non-residential buildings and those that do not meet this height criterion. Key definitions are updated, including the terms "covered building," "primary load bearing system," and "structural inspector," to ensure that the focus remains on the structural integrity of the buildings rather than common areas or capital improvements that do not affect structural safety.

Additionally, the bill modifies the requirements for associations to conduct capital reserve studies and maintain adequate reserve funds. It mandates that each association must undertake a reserve study to assess the adequacy of their capital reserves for maintaining the primary load-bearing systems of their buildings, with studies to be reviewed by licensed professionals. The timeframe for associations to establish adequate reserve funds is extended from ten to twenty fiscal years, allowing for a more gradual increase in funding. This change aims to provide associations with greater flexibility in managing their financial obligations while ensuring the safety and integrity of the buildings they oversee.

Statutes affected:
Introduced: 52:27D-132.3, 45:22A-44.2