L.B. from New Jersey writes:
Dear Mister Condo,
What is the HOA reserve fund law in New Jersey?
Mister Condo replies:
L.B., I had a similar question back in 2015. Here’s what I had to say about it back then – https://askmistercondo.com/new-jersey-hoa-reserve-fund-law/ Honestly, not much has changed. CAI has conducted a state by state review of Reserve Fund requirement. You can download and review their findings here: https://www.caionline.org/_layouts/15/download.aspx?SourceUrl=https://www.caionline.org/Advocacy/StateAdvocacy/PriorityIssues/Documents/Summary%20of%20State%20Reserve%20Fund%20Laws%202016.pdfYour governance documents are your best bet for finding what is required for your community association. I hope that they are saving enough for future repairs. If not, it’s never too late to get started. Ask for a reserve study and ask that it be funded properly. It is the duty of the Board to maintain, protect, and enhance the associations assets. An up to date Reserve Study and an adequately funded Reserve Fund are absolute requirements to accomplish that task. All the best!