Bill > SB1011

This bill establishes the Insufficient Condominium Reserve Account Grant Fund to help low-income condominium owners cover increased assessments needed to meet reserve funding requirements. The fund is designed to support unit owners whose household income is at or below 80% of the area median income, with a special priority given to low-income owners who are 65 years or older. The Department of Housing and Community Development will administer the fund, creating procedures for owners to apply for grants and publicizing the program. The fund will be comprised of state budget appropriations, interest earnings, and other contributions, and can only be used to help low-income unit owners pay for increased condominium reserve account assessments. Grant recipients must submit an annual report to the department by December 31 detailing their reserve account balance. The fund is designated as a special, non-lapsing account that will be separately held by the State Treasurer, and any interest earned will be credited back to the fund. Importantly, these grants are intended to be supplemental and not replace other potential funding sources. The bill will take effect on October 1, 2025.

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https://mgaleg.maryland.gov/mgawebsite/Legislation/Details/SB1011?ys=2025RS