NJ A318

Narrows the scope of New Jersey's 2023 structural integrity law (P.L.2023, c.214) to apply only to residential condominium and cooperative buildings that are three stories or more in height, excluding shorter buildings and non-residential structures.

Limits capital reserve study requirements to focus specifically on components of the primary load bearing system of covered buildings, rather than all common area capital assets.

Doubles the timeframe for associations with inadequate reserve funds to become compliant—extending from 10 to 20 fiscal years when annual increases would exceed 10% of common expense assessments.

Extends from two to four fiscal years the deadline for associations to address reserve fund deficiencies when required increases would be less than 10% of previous year's common expense assessment.

Clarifies that "covered building" means residential condominiums or cooperatives with concrete, masonry, steel, or hybrid primary load bearing systems, explicitly adding the three-story minimum height requirement.