Stone Building Solutions announces new operations in New Jersey to support structural integrity and reserve study regulations.
PISCATAWAY, NEW JERSEY, UNITED STATES, July 3, 2024 /EINPresswire.com/ — Stone Building Solutions’ (https://www.stonebldg.com) new office is located at 371 Hoes Lane Suite 200, Piscataway, NJ 08854. Its strategic move aligns with the recently enacted New Jersey law. It specifically targets condominiums and cooperatives with primary load-bearing systems made of concrete, masonry, steel; or hybrid structures, including heavy timber and buildings with podium decks. Standard wood-frame buildings, such as single-family homes and typical townhouse projects, are excluded from these requirements.
Stone Building Solutions, a four-time award-winning pioneer in engineering, reserves, and insurance recovery, provides a total solution with a single inspection. It saves clients significant time and money. The company has been instrumental in educating condo managers and boards across the East Coast about new safety laws following the tragic Florida condo collapse in 2021.
On January 8, 2024, New Jersey passed a law aimed at ensuring the structural integrity of high-rise condominiums and the financial readiness of associations to handle necessary repairs. This legislation mirrors similar laws in Florida, responding to growing concerns about building safety.
Key Provisions of the Law
Building Inspections
• Initial Inspections: Buildings with a Certificate of Occupancy (C.O.) issued more than 15 years ago must undergo a structural inspection by January 2026. Buildings less than 15 years old must be inspected within one year after the 15th anniversary of the C.O. issuance or within 60 days of observable damage to the primary load-bearing system.
• Inspection Protocol: Inspections must follow protocols established by the American Society of Civil Engineers. Structural engineers will provide detailed reports outlining necessary maintenance or repairs and specify timelines for completion.
• Follow-Up Inspections: Required every 10 years; every five years for buildings older than 20 years; or as specified by the engineer or within 60 days of any primary load-bearing system damage. Inspection reports must be distributed to local construction officials, unit owners, and any requesting residents.
• Frequency: Reserve studies must be conducted every five years if a previous study exists; otherwise, within one year. If no reserve study has been conducted in the past five years, one must be completed by January 2025.
• Deficiency Handling: Associations must rectify any deficiencies in reserve accounts within specified timeframes. It depends on the projected impact on common expense assessments.
• Use of Reserve Funds: Funds are limited to allocated amounts for specific repairs or replacements. Boards can borrow from reserves if a resolution ensures reimbursement within five years without jeopardizing other needs.
Stone Building Solutions plans to launch a dedicated web page detailing New Jersey’s specific requirements for structural safety inspections and reserve studies. This resource will provide valuable information and guidance for property owners, managers, and association boards, ensuring they are well-informed and prepared to comply with the new law.
About Stone Building Solutions
Stone Building Solutions is a leading provider of engineering, reserve studies, and claims services. With a commitment to excellence and a focus on safety and compliance, we support insurance appraisals and commercial properties in maintaining structural integrity and financial health.
Tara Stone
Stone Building Solutions
+1 407-972-3301
email us here
