An estimated 1.5 million New Jersey residents live in communities governed by Homeowners Associations (HOAs), many now facing significant financial strain due to new state legislation. In August, the New Jersey Legislature unanimously passed legislation mandating Immediate implementation of new requirements for HOA reserve accounts to ensure adequate funding for future repairs and capital projects.
The law followed national concerns about aging infrastructure, particularly after the 2021 collapse of the Champlain Towers South in Surfside, Fla. While intended to prevent structural failures and protect residents, it requires immediate compliance with revised funding levels.
As a result, many HOAs are raising monthly dues or issuing special assessments. Some homeowners report increases of several hundred dollars per month or one-time assessments in the thousands.
In response, our local state representatives, Michael Inganamort and Dawn Fantasia, have co-sponsored new legislation introduced in January (A318 and S146) to help ease the impact of these mandates. The proposed measures would extend compliance timelines and better tailor reserve requirements.
I salute Assemblyman Inganamort and Assemblywoman Fantasia for taking ownership of this issue and urge any HOA resident to contact them and show support. Thoughtful revisions can preserve safety standards while preventing sudden financial hardship for homeowners across New Jersey.
Chuck W. Webster
Hamburg
