Modifies requirements for associations to protect structural integrity of certain buildings; expands timeframes for associations to establish adequate reserves.

This bill (A 318) modifies New Jersey's requirements for condominium and cooperative associations managing certain multi-story residential buildings. It expands the timeframes for associations to conduct required capital reserve studies - extending the deadline for first-time studies from five years to one year after the law's effective date - and mandates these studies be reviewed by licensed professionals every five years. The studies must assess funding for maintaining the building's structural components (like foundations and load-bearing systems) and include detailed cost projections for repairs, replacements, and future inspections. Associations with less than $25,000 in common-area assets are exempt from these requirements.