Bill > S985

This bill aims to modify existing law regarding Chapter 40B affordable housing condominium units by establishing new provisions for expense management. Specifically, the bill requires purchasers of affordable housing units under Chapter 40B (a state law designed to increase affordable housing development) to pay their full share of common expenses in a condominium complex, just like other unit owners. To support these purchasers, the bill mandates that the Executive Office of Housing and Livable Communities create a reimbursement program to help offset these common expenses. Importantly, the bill prohibits other unit owners in the same condominium complex from being required to subsidize the common expenses of the Chapter 40B affordable units. This legislation seeks to ensure fair financial treatment of affordable housing units within condominium developments while providing a mechanism to assist low-income purchasers in meeting their financial obligations.

Housing and Urban Affairs

https://malegislature.gov/Bills/194/S985