Maryland Senate Bill SB1011

Maryland 2025 Regular Session

• Introduced: 2/12/25
• Refer: 2/12/25
• Refer: 2/21/25

Caption

Real Property - Insufficient Condominium Reserve Account Grant Fund - Establishment

Impact

The bill represents a targeted intervention in the housing market, specifically addressing the financial pressures faced by low-income condominium owners. By creating this fund, Maryland aims to alleviate potential housing insecurity that may arise from excessive fee increases. It positions the state as an active participant in supporting affordable housing initiatives, while giving priority to older adults aged 65 and over, who may be particularly vulnerable to rising costs associated with condominium living.

Summary

Senate Bill 1011 establishes the Insufficient Condominium Reserve Account Grant Fund, which is designed to assist low-income condominium unit owners facing increased assessments due to insufficient reserve accounts. The fund will provide grants to these individuals, enabling them to meet their condominium association's reserve requirements. The bill specifically aims to support those in households earning less than 80% of the area median income, thereby addressing a significant barrier to housing stability for low-income residents.

Contention

While the bill is designed to benefit low-income residents, there may be concerns about the long-term sustainability of such a grant fund. Opponents might argue that relying on state funding could create a fiscal burden, especially if the demand for grants exceeds projections. Additionally, there may be discussions around the criteria for eligibility and the administrative processes required to manage the fund, which could impact its efficiency and accessibility for those in need.