Modifies capital reserve funding requirement for associations of planned real estate developments.

This bill modifies funding rules for homeowners associations in planned real estate developments in New Jersey. It requires these associations to conduct professional reserve studies every five years to estimate the costs of repairing or replacing shared building components. The studies must include detailed financial projections over 30 or 35 years, ensuring the community's savings account does not drop below zero. Associations with less than $25,000 in common area capital assets are exempt from these requirements.