New Jersey State Senator Vince Polistina and State Assemblyman Don Guardian (Both R-Atlantic) announced they are introducing legislation to modify New Jersey’s capital reserve funding requirement for associations of planned real estate developments.
“Over the past several weeks, our office has been inundated with calls and emails from residents who fear they may lose their homes because of staggering increases in homeowners’ association fees,” said Senator Polistina. “We've heard from working families, single parents, and retirees who are already struggling with the rising cost of living. For many of these residents, these increases are simply unsustainable.”
The proposed legislation would allow for a structured phase-in over a five-year period for certain associations to reach an adequate reserve funding level, keeping residents from experiencing large and unexpected increases in association fees.
“This legislation was never meant to force seniors on fixed incomes to lose their homes,” said Assemblyman Guardian. “I believe we can achieve a proper balance between ensuring structural safety and reining in association fee increases. Trenton must act immediately before HOAs are made to drive their members into debt.”
Polistina and Guardian plan to introduce the legislation next week and are hopeful to garner bi-partisan support to ensure swift movement through the legislative process.
Read a draft of the legislation here.
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