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

This bill modifies New Jersey's requirements for condominium and cooperative associations managing residential buildings three stories or taller. It expands the timeframe for associations to conduct required capital reserve studies (from five years to one year for existing associations) and mandates these studies be updated every five years. The studies must assess funds for maintaining structural integrity, including costs for repairs, inspections, and a 30-year funding plan. Associations managing buildings with less than $25,000 in common area assets are exempt from these requirements.