2022 CAI-NJ September LAC Issue

STRUCTURAL INTEGRITY... from page 30.

capital reserve study which shall determine or assess the adequacy of the association’s cap ital reserve funds…” This will mandate that association conduct a capital reserve study, including a 30-year funding plan. 2. The study should also include the following: a. An estimate of the cost for future updates b. An estimate of the costs of implement ing any corrective maintenance (main tenance determined as a part of the periodic structural inspections). 3. The study shall be updated at a maximum of every five years.

the maintenance schedule and timing for preventive maintenance, including, but not limited to, periodic inspections of the structural components of the build ings or common areas which the association is obli gated to maintain.” It should be noted that this is in addition to the current requirements for the inclusion of a Reserve Study within the governing documents. b. The preventative maintenance document shall be updated at the completion of any structural inspec tions performed pursuant to Section 3 to reflect and address any required corrective maintenance. c. The Association’s responsibility is as follows: i. As outlined in Section 10, “[T]he preventative maintenance document shall be updated at the completion of any structural inspections performed pursuant to Section 3…” ii. As outlined in Section 7 regarding Capital Reserve Funding: 1. Any association shall “undertake and fund a

The information herein is only a general overview of the requirements of this bill. It should be recognized that bill’s requirements are extensive, and readers should read and follow the proposed legislation carefully to fully understand its full breadth. It should also be noted that CAI continues to move proactively forward with ongoing task forces to review the National Reserve Study Standards and how they relate to ongoing maintenance components with a useful life of greater than 30 years and periodic structural Inspections. n

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