Modifies capital reserve funding requirements for planned real estate developments in certain circumstances.

This New Jersey bill (A 3504) modifies requirements for condo and co-op associations to fund major repairs. It requires associations managing "covered buildings" (condos/co-ops with specific structural types) to conduct reserve studies that ensure funds won’t drop below zero over a 30-year plan. Associations must include detailed analysis of structural maintenance costs, future inspections, and repair estimates in these studies. The bill mandates that existing associations complete their first study within one year of the law’s effective date.