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 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 timeframe for associations to establish adequate reserve funds, extending it from ten to twenty fiscal years for certain budget adjustments. It mandates that associations conduct capital reserve studies to assess their financial readiness for necessary repairs or replacements of the primary load bearing systems, with a requirement for these studies to be reviewed by licensed professionals. The bill aims to enhance the financial and structural stability of residential buildings while providing associations with more flexibility in managing their reserve funds.

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