January 9, 2024
On Monday, January 8, 2024, Governor Murphy signed legislation aimed at preventing a building collapse like the 2021 Surfside, Florida, tragedy. Here is the link to the Governor’s Office News page: https://nj.gov/governor/news/news/562024/approved/20240108k.shtml
Thank you to the members of CAI-NJ’s Legislative Action Committee, the public office holders, and others for their hard work on this legislation.
Signed into law was Senate Bill S2760/Assembly Bill A4384. Copies of the Bill and related information are available on the New Jersey Legislature’s website: https://www.njleg.state.nj.us/bill-search
Among other things, the law defines “covered buildings” and “excluded structure”, outlines new inspection and report requirements, requires certain reports to be made available to residents and/or prospective purchasers, requires certain reserve analysis and funding, defines timeframes for reserve funding “catch-up” and, under certain circumstances, empowers the Board to fund the “cost of corrective maintenance of the primary load bearing system” without the consent of the owners or approval of the developer.
We will be sending sign-up information for a Zoom meeting on this important legislation shortly.