The "Owners' Rights and Obligations in Shared Ownership Communities Act."

This bill establishes uniform rights and governance standards for homeowners in all shared ownership communities (condominiums, planned communities, and cooperatives) across New Jersey. It creates a new Commission on Shared Ownership Communities to serve as a state liaison, promote fair governance, and provide low-cost dispute resolution. The bill requires standardized, clear disclosures for prospective buyers about rights and responsibilities, eliminates exemptions for small communities, and mandates transparent association operations like open meetings and record access. These changes directly affect homeowners, developers, and association boards by updating outdated laws that previously offered stronger protections only to condominium owners.