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 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, which assess the adequacy of reserve funds for maintenance and repairs. It mandates that associations undertake these studies to evaluate the primary load-bearing systems and establishes a 30-year funding plan for adequate reserve funding. The timeframe for associations to establish necessary reserve funds is extended from 10 to 20 years, allowing for a more gradual increase in funding levels. Overall, the bill aims to enhance the structural safety of residential buildings while providing associations with more flexibility in managing their financial obligations.

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