Maryland House Bill HB1187

Maryland 2024 Regular Session

• Introduced: 2/8/24
• Refer: 2/8/24

Caption

Reserve Funding Assistance Program - Establishment

Impact

This bill impacts state law by introducing a financial assistance mechanism specifically tailored for residents in condominiums, cooperatives, and homeowners associations. Through this program, qualifying residents—including those with disabilities or those over the age of 62—will be allowed to apply for funds to ease the burden of increased fees. As an unprecedented provision in Maryland law, it aims to mitigate the financial challenges associated with maintaining the fiscal health of these community setups while ensuring that residents do not face undue hardship.

Summary

House Bill 1187 proposes the establishment of the Reserve Funding Assistance Program aimed at providing financial support to residents of common ownership communities who face increased assessments due to reserve studies. The essence of the bill is to aid those experiencing financial strain, particularly vulnerable groups such as elderly residents and individuals with disabilities. This initiative is designed to address the challenges that arise from necessary assessments tied to maintenance and management of these communal living spaces.

Contention

One point of contention surrounding HB 1187 may stem from discussions about how the funding will be sourced and administered. The bill mandates that the Maryland government allocate $10 million annually to the program, which may raise questions regarding budgetary implications and the potential prioritization of funds. Additionally, there may be debates on whether the scope of assistance is adequate to meet the needs of affected residents and how effectively the program can be implemented across diverse community structures.