On behalf of all community associations across the Garden State, CAI’s New Jersey Legislative Action Committee (NJ LAC) needs your help fighting misinformation about our state’s landmark structural integrity/reserve funding law that was signed by Governor Murphy in January 2024.
This critical law protects the approximately 1,500,000 New Jerseyans living in 7,200 community associations across the state from being subjected to unforeseen special assessments when common area replacements such as roofs require replacement. The law includes requirements for certain types of structures to have periodic structural evaluations performed once they reach 15 years of age. The law is a result of the catastrophic 2021 collapse of Champlain Towers South in Surfside Florida. It passed with strong bipartisan support and was championed as a national model that balanced safety and affordability.
Many community associations in New Jersey are 30+ years old, and inadequate reserve funding and a lack of preventive maintenance can result in a lack of funds to perform critical tasks to maximize property values, minimize life cycles costs, and keep our homes safe. This important law helps minimize the possibility of special assessments and unsafe conditions.
Recently, several legislators introduced legislation that would gut the reserve funding and safety components of this law and force condominium residents to face significant special assessments to ensure their communities are financially secure and structurally safe for themselves and future owners. To improve the law, Senator Troy Singleton and Assemblywoman Yvonne Lopez have introduced clarifying legislation to further detail the bill’s requirements and provide relief for homeowners in communities that have historically underfunded their reserves. Legislators should collaborate to improve this critical law rather than attempt to erase it and remove the benefits it creates for homeowners.
CAI and NJ LAC reaffirm our commitment to ensuring that all New Jersey residents have access to safe and affordable housing. Join us in urging legislators to stop spreading misinformation about this law and work with these communities to protect their constituents against massive special assessments in the future.
