September 2025

AFFORDABLE HOUSING... from page 24.

ing regulatory landscape that associ ations, many of which are self-man aged, must overcome. Additionally, increases in mainte nance fees and/or special assess ments are often due to uncontrollable and unforeseen circumstances in a community. Whether it is an increase in insurance premiums based on the mar

“This rule has the unintended consequence of reducing the affordability of housing in New Jersey.”

At Felsen Insurance Services, one size DOESN’T fit all. Using our experience and expertise we work with your property manager and board to design an insurance program based upon your community needs.

ketplace, an unanticipated expenditure that was not budgeted for or inflation in construction costs that were not entirely captured in a reserve study, there are realities to governing a community association that makes carving out a group of unit owners untenable to the health of the community. NJ-LAC is committed to working with state legislatures and agencies to assist in their mission of providing affordable housing for its residents while advising them of their rule’s unintended consequences that will only exacerbate the issue. The LAC met with Melanie Walter, Executive Director of HMFA, and senior mem bers of her staff a few months ago and accepted their invitation to submit proposed revisions to the rule. We are waiting for responses from HMFA regarding our proposal. n

We canvas the marketplace to find the insurance company that fits YOU best .

Felsen Insurance Services, Inc. 3155 Route 10 Suite 103 Denville, NJ 07834

(973) 361-1901 www.felsen.com

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SEPTEMBER 2025