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

This bill modifies the capital reserve funding requirements for homeowners associations in planned real estate developments in New Jersey. It mandates that these associations conduct professional reserve studies every five years to assess the costs of maintaining and repairing common building areas. The studies must include detailed financial projections, such as a 30- or 35-year funding plan that allows the reserve fund balance to reach zero at the end of the period, and they must be reviewed by licensed engineers, architects, or credentialed specialists. Additionally, the bill exempts associations with less than $25,000 in total common area capital assets from these requirements.