Bill > HB07027

This bill introduces several changes related to condominium deposits, rental accounting, and the definition of affordable housing. First, it modifies existing law to allow condominium developers (called "declarants") to use deposit funds for construction and development costs under specific conditions. These conditions include the purchaser being an accredited investor and the funds being used only for actual construction expenses like demolition, permit fees, architectural and engineering costs, but not for marketing or sales expenses. The bill requires purchase agreements to include a specific disclosure statement alerting purchasers that their deposit over 1% might be used for construction costs. Additionally, the bill mandates that landlords provide tenants with a copy of their accounting ledger upon request, showing charges, payments, and balances. The bill also establishes a working group composed of housing committee members and other stakeholders to develop a standardized statutory definition of "affordable housing" by January 1, 2026. Finally, the bill makes a minor administrative change to update a reference to the Office of Health Strategy's leadership. The provisions are set to take effect on July 1, 2025, with some sections effective immediately upon passage.