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 amendments clarify 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 impact structural integrity. Key definitions are updated, including the definition of "covered building" to specify the types of structures included, and "excluded structure" to outline what is not covered under these regulations.

Additionally, the bill modifies the requirements for associations to conduct capital reserve studies, mandating that each association formed for the management of covered buildings must assess their reserve funds to ensure they can adequately maintain the structural integrity of their buildings. The timeframe for associations to establish adequate reserves is extended from ten to twenty fiscal years, allowing for a more gradual increase in funding. This 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