Permits association of planned real estate development to file application with Department of Community Affairs to lower reserve fund obligations based on risk-mitigating features of development.

Summary

The bill lets an association of a planned real estate development file an application with the Department of Community Affairs to reduce the amount it must fund in its reserve account if the development includes features that lower the risk of major repair costs, such as the absence of high‑rise multifamily buildings. It also requires the commissioner to issue rules defining eligible risk‑mitigating features. The changes take effect on the first day of the third month after enactment.

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