Bill > HB1411

This bill establishes the Insufficient Condominium Reserve Account Grant Fund to help low-income condominium owners pay for increased assessments needed to meet required reserve account funding. Specifically, the bill defines a "low-income unit owner" as someone whose household income is not more than 80% of the area median income. The Department of Housing and Community Development will administer the fund, which will be maintained by the State Treasurer and consist of state budget appropriations, interest earnings, and other funding sources. The fund will prioritize grants for low-income unit owners who are 65 years or older, and recipients must report their reserve account balance to the department by December 31 each year. Importantly, the grants are intended to be supplemental and not replace other potential funding sources. The bill also ensures that any interest earned by the fund will be credited back to the fund itself, and it will be exempt from standard state finance regulations that would typically redirect interest earnings to the General Fund. The new fund and its provisions will take effect on October 1, 2025.

Transportation and Infrastructure

https://mgaleg.maryland.gov/mgawebsite/Legislation/Details/HB1411?ys=2025RS