September 2025

DEVELOPER OBLIGATIONS... from page 41.

prepared by developers could be cast as lower than needed or subsidized to ease the sales process by inducing a sale based on the initial two years of occu pancy but then creating a sticker shock when the fee goes up to the full occupancy budget (FOB) fee. Annual budgets should not be used to determine monthly fees while developers control the board, the FOB should.

6. The NJBA was concerned that there might be a retroactive date of the 2021 regulations to devel opments approved prior to July 19, 2021. NJ-LAC is fine allow ing the effective date of the regula tion to be after the July 19, 2021, adoption date. It’s common in reg ulations and legislation that there be a prospective effective date rather than a retroactive date. There is nothing in this regulatory need that requires an acute cor rection that imposes a retroactive timeline. Such a timeline would be very problematic for calculations and likely be deleterious to devel opers and fuel contention and litigation between developers and associations.

units. While this would be consis tent, the risks of such a trigger will be less exacting for budgeting due to market conditions of sales and supply chain issues. Such a market driven formula is more likely to create financial risk to the association. Annual budgets

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SEPTEMBER 2025