CAI-NJ July 2022

LEGISLATIVE UPDATE... from page 8.

updated an existing study in 5 years shall have one created or updated within one (1) year of the effective date of this legislation. • New associations must conduct reserve study within two (2) years of transition • Reserve studies thereafter shall be undertaken at least every 5 years Community Association Funding of Capital Reserves • If it is determined that funding in the capital reserve account is deficient, the deficiency must be recovered in not more than two (2) fiscal years • If a deficiency in capital reserve account would require an increase in the annual assessment of more than 10%, the deficiency must be recovered within 5 years Community Association Use of Capital Reserves • Association may utilize only amount allocated by the reserve study to any particular component, provided that the executive board may utilize more of the remaining

• Structural engineer shall reasonably detail any needed cor rective maintenance, repair or replacement and prepare an inspection report in accordance with the protocol set forth in the American Society of Civil Engineers Guideline for Structural Condition Assessment of Existing Buildings • Such reports shall be filed with the enforcing agency or municipal appointing authority and shall be provided to the covered building’s owner and shall be made avail able to a resident upon request. Amendments to Planned Real Estate Development Full Disclosure Act (45:22A-21, et seq.) Community Association Requirement for Capital Reserve Studies • Community associations required to undertake capital reserve study • Study shall conform to the National Reserve Study Standards of the Community Association Institute. • An association without a reserve study or who have not

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