Bill > HB453

This bill establishes the Insufficient Condominium Reserve Account Grant Fund, a special fund managed by the Secretary of the Department of Housing and Community Development, to provide financial assistance to low-income unit owners of condominiums who are struggling to pay increased assessments required by their condominium association to meet reserve funding requirements. A "low-income unit owner" is defined as someone whose household income is no more than 80% of the area median income. The fund will be comprised of state appropriations, interest earnings, and other accepted money, and its primary purpose is to help these owners cover the additional costs associated with meeting reserve account mandates, with a specific priority given to older adults aged 65 and over. The Secretary is responsible for administering the fund, establishing application procedures, and publicizing the grant program, and recipients will be required to report on their reserve account balances annually. Importantly, this bill also amends state finance law to ensure that interest earned by this new fund will accrue to the fund itself, rather than the state's General Fund, for fiscal years 2024 through 2028.

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https://mgaleg.maryland.gov/mgawebsite/Legislation/Details/HB0453?ys=2026RS